Fintrac, the former Metropolis financial services Internet initiative acquired by Financial IQ recently, will be converted into a complete financial services portal.
Metropolis, which sustained a net loss from operations of R43.7 million in the year to 30 June, announced in September that it was closing its business-to-business portal Web sites and would focus on the iafrica.com consumer portal.
Financial IQ, part of the IQ Business Group, announced last month that it would acquire Fintrac, whose staff has joined Financial IQ`s e-commerce staff as part of the deal.
The acquisition, for an undisclosed sum, encompassed Fintrac`s technology as well as the management and sales, marketing, research and development and editorial staff.
Fintrac provides information to 15 000 independent South African financial advisors, and Financial IQ MD Les Horne says the acquisition provides the essential building block in the company`s plans to develop a financial services portal capable of handling the entire investment event.
"Fintrac has established a solid foundation in the market which we believe will be enhanced with the introduction of a range of new services to the adviser community," says Horne.
"The latter includes online straight-through processing of various retail financial services transactions between clients, advisers and providers.
"Our aim is for the offering to become both the definitive source of information on financial services products as well as a place where advisers can place investments in all major funds in the market, trade shares online and much more."
He adds that the total offering will be available within 12 months, with new elements being phased in during the year.
"By February 2001, however, facilities will be in place which will allow investments in unit trusts as well as equity trading. The addition of sophisticated reporting tools will allow the financial advisers to review the value of their clients` portfolios on a daily basis, and assist them in administration procedures and in reporting back to their client base."
The aim is to offer a full spectrum of financial services, including assurance, insurance, unit trusts, banking and equity trading, tax assessments and salary structuring.
Related stories:
IQ Business Group to acquire Metropolis vertical
Share
