Commonwealth Financial Network, an independent broker-dealer based in Waltham, Mass., is partnering with PIEtech Inc., the creators of MoneyGuidePro financial and retirement planning software, to integrate the system into its technology platform.
Commonwealth's Client360 will now use MoneyGuidePro to give advisors a holistic view of clients' financial pictures. Advisors will be able to export account and client information directly from Çlient360.
"Our newest partnership makes generating financial plans even easier," says Darren Tedesco, Commonwealth's managing principal of innovation and strategy. "With a single click, an advisor can launch MoneyGuidePro from any household within Client360 to create a comprehensive financial plan."
PIEtech is part of what will likely be a lengthy lawsuit over software used in MoneyGuidePro. PIEtech joined the suit as a defendant claiming its right to use the software in MoneyGuidePro, which assesses a client's long-term financial goals.
David B. Loeper, founder and chief investment officer of Wealthcare Capital Management, has filed suit against UBS for patent infringement. Wealthcare claims UBS is using the patented software of MoneyGuidePro without permission. PIEtech defended its clients' right to use MoneyGuidePro and joined the suit.
The lawsuit has not hurt PIEtech's business, according to Karla Curtis, PIEtech vice president of operations. The firm is on target to meet its sales goals for the year and there is no indication the suit is an issue with clients, she says.
-Karen DeMasters