Fi360, a fiduciary education and support and technology service for financial professionals, has acquired IPS Advisor Pro, a cloud-based fiduciary software developed by well-known financial advisors Norman Boone and Linda Lubitz Boone, Fi360 and IPS AdvisorPro announced Thursday.
IPS AdvisorPro will continue to operate under its name and will be part of the Fi360 technology tool kit for advisors, Linda Lubitz Boone says. The selling price was not revealed.
AdvisorPro was developed by the Boones, both of whom will continue with their advisory practices. Linda Lubitz Boone is the founder of the Lubitz Financial Group in Miami and Norman Boone is the founder of Mosaic Financial Partners Inc. in San Francisco.
Fi360 will continue to develop AdvisorPro as a fiduciary tool and the Boones will serve as consultants, Norman Boone says.
The current regulatory environment and the fact that investors and therefore advisors are becoming more enthusiastic about investing after the recession made it an opportune time for the acquisition, the couple says.
The IPS AdvisorPro technology allows users to develop templates for eight unique client types, including individuals, trusts, Erisa plans, foundations and endowments, charitable trusts and irrevocable life insurance trusts. The templates are customizable and can manage updates globally across all client investment policy statements. It also has compliance control features so that organizations can specify which language can or cannot be edited on a user-by-user basis.
"We feel strongly that the implementation and maintenance of a high-quality IPS is critical for effective management of the investment process. The IPS AdvisorPro technology is the most effective solution available for developing custom IPS templates and managing them across clients," says Fi360 CEO Blaine Aikin.
"Our purpose in creating IPS AdvisorPro was to simplify the process of writing [investment policy statements], which we believe is the critical step in the investment process, boosting transparency and trust between the advisor and the client, and helping both toward a more successful experience. Thanks to its much greater resources and its well-deserved reputation for advancing fiduciary behavior within the industry, Fi360 can better support the continued development of our software and expand its reach to more advisors,” says Linda Lubitz Boone.
The acquisition continues an accelerated period of growth for fi360. It is the third acquisition this year, including Ann Schleck & Co. and Financial Service Standards. The company has also added six senior leadership positions during that time.