1st Software has bought a 51 per cent stake in wealth management IFA software firm iTrak which is used by 25 IFA firms, including members of Inter-Alliance and Whitechurch.
ITrak's software allows IFAs to separate the cost of the advice process from products, enabling firms to identify and charge up-front and recurring fees for services. 1st Software says integrating the systems will cut out input time.
1st Software is also launching a new version of its Adviser Office system that includes integrated services with Scottish Mutual, the Sipp Centre, Morgan Stanley Quilter and Cofunds.
The Adviser Office: Intelligent Workflow system includes new tools to help standardise business processes and has financial planning functions using Tillinghast Towers Perrin stochastic modelling techniques. All of the financial planning tools have been built with input from financial planners.