Financial Planning
Advice fintech shutters Sydney office

As part of a strategic review, an ASX-listed Australian fintech targeting the financial advice market will close its Sydney office and reduce three sales and customer service staff.

Intiger said the decision came about because the review "reaffirmed that Intiger will renew its focus on meeting the needs of Australian financial services licensees to provide large-scale, compliant quality advice."

This "renewed focus" will also see Intiger introduce new complementary administration services.

"Ultimately, scale requires the successful integration of the company's BOOM2 artificial intelligence solution to both complement and replace current methods of advice production," Intiger said.

"BOOM2 development and integration will be prioritised to meet the stated needs of existing clients and to solve problems faced by our prospective clients."

Earlier in May, Intiger announced it was now producing statements of advice for CBA pilot programs, which will apply to Commonwealth Financial Planning, Financial Wisdom and Count.

Intiger explained it was working closely with CBA program management teams to "expand production volumes in line with our capacity and quality controls. Both firms recognise the scale and the importance of the opportunity and are expanding production in a structured and disciplined manner."

Intiger also entered into a "mutually beneficial training and upskilling program" with CBA. This will enable CBA advice specialists to join up with Intiger's Manila operations for a fortnight so as to teach them how to advice in what was described as the "CBA way."

"I am very pleased with the progress the company has made over the past quarter towards its goals," Intiger chair Patrick Canion said.

"At Intiger, we are passionate about helping financial advisers spend more time with their clients and less time documenting their advice. This is because quality financial advice improves people's lives."

Read more: IntigerAdviceCBASydneyCommonwealth Financial PlanningCountFinancial WisdomManilaPatrick Canion
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