CBA turns Coin dispenser
CoinSoftware has put the official seal on the long anticipated deal to roll out its desktop financial planning tools to the Commonwealth Bank’s (CBA) 3,000 plus adviser network.
The CBA first flagged that it was interested in replacing its old in-house proprietary system with the Coin software product, Coin Office, last August, as part of a review of its advice model.
The purchase of Coin in early June by the CBA’s rival Macquarie Bank raised concerns that the agreement with the bank, and a similar agreement between the software provider and Westpac, might be under threat.
These fears were quelled last week with the signing of an official contract with the CBA.
Coin head of distribution and former van Eyk executive Darren Pettiona said that neither deal had been compromised by Macquarie purchasing the company.
Pettiona has also confirmed to Money Management that a roll out at Westpac scheduled for September is still on track.
The CBA contract will include the bank’s Financial Wisdom and Enterprise 121 adviser networks, as well as its in-house advisers.
Since its establishment two years ago, Coin Office has picked up a host of clients, including Suncorp Deakin, and Financial Services Partners.
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