Intiger inks CBA deal

ASX-listed Intiger Asset Management has entered a letter of intent with Commonwealth Financial Planning, and two separate deeds of agreement with Financial Wisdom and Count Financial, the statement said.

The firm is chaired by former FPA director and WA committee member Patrick Canion, and was previously chaired by former FPA chief executive Mark Rantall, who stepped down from the FPA in February 2016 paving the way for Dante De Gori to take the reins of the industry association.

The agreements will see each of the licensees conduct a pilot program of Intiger’s administration services “per an agreed scope”, the statement said, with services provided to a “select group of practices and branches as determined by the licensee”.

“Pilots will commence in Q1 2018 and may be completed at any time within a 12-month period,” the statement said.

“Alternatively, the pilots may continue until terminated by either party or extended by agreement of the parties.”

In March 2017, Intiger issued a statement to the ASX claiming the business had entered a memorandum of understanding with NAB Financial Planning.

However, a NAB spokesperson told ifa that there was “no memorandum of understanding in place”, prompting the software provider to enter a trading halt and drawing the ire of some retail investors.

Intiger issued a statement clarifying the agreement between the two businesses was instead a ‘summary of understanding’ regarding $800 worth of services provided by Intiger to the bank.

Correction: A previous version of this article mistakenly described Mr Canion as 'former WA president' of the FPA and also referenced Intiger as having "close ties to the FPA". It has subsequently been amended to clarify that Mr Canion's previous role was as a member of the WA state committee, not president, and that Intiger's "close ties" are not with the current management of the FPA.