InvestorWeb buys Vision

financial planning software Software CFP

8 June 2000
| By Julie Bennett |

After only four years of operation, Vision FPS (Vision) has sold to InvestorWeb for the princely sum of $15 million.

After only four years of operation, Vision FPS (Vision) has sold to InvestorWeb for the princely sum of $15 million.

Creator of the highly successful financial planning software system VisiPlan, Vision started life as a two man band.

In its short history, principals Robert Green, CFP and financial analyst Ian Litster expanded the company to a staff of 15 with bases in Sydney and Melbourne. Offices will shortly open in Perth and Brisbane and clients include the likes of Mercers, Towers Perrin, Pricewaterhouse, Deloittes, Lend Lease Adviser Services, JB Were and Merrill Lynch as well as small users from all over Australia. It is understood the software is used by more than 1000 advisers.

Green says the decision to sell was based on the desire to take the company further.

“We have a lot of new plans in terms of driving our software and services forward,” he says.

“The sale reduces our risk in the business while simultaneously adding a range of new services and a range of expertise. InvestorWeb also gives us the security of having the backing of a public company, which makes us more attractive to offshore users.”

The InvestorWeb/Vision team is set to go offshore sooner rather than later.

InvestorWeb joint managing director Otto Buttula says the decision to buy Vision was based on InvestorWeb’s desire to speed up their move into the intermediary market.

“The genesis of our business is in providing services to the intermediary market. We think Vision’s client base is already second to none - and its still early days in its rollout.”

Buttola says Vision will help InvestorWeb to market web-based solutions to both financial planners and their clients — which is where InvestorWeb wants to be.

While three members of the InvestorWeb team will join the board, Vision will remain under the operational control of Green and Litster.

“We’ve kept business under the operational control of Robert and Ian because we believe their momentum is very strong and we want to assist them with that,” Buttula says.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 2 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

5 days 15 hours ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

3 weeks 5 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

4 weeks 1 day ago