Seattle-based financial adviser tool PlanScout has acquired SIPS Retirement Planning System, a wealth management software company headquartered in Fort Myers, Florida.
PlanScout, which announced the acquisition on Tuesday, didn't disclose financial terms of the deal.
It's unclear how many employees PlanScout has, how many it's gaining through the acquisition or what will happen to the SIPS RPS brand. PlanScout didn't respond to requests for comment.
"We are already hard at work on the roadmap to expand the depth and breadth of features in the SIPS software and product performance," John Murray, PlanScout co-founder and board chair, said in a news release. "We will be working to help them be more efficient with greater integration to practice management tools and new features."
PlanScout delivers financial plans for advisers to relay to their clients in two to four business days, according to its website. The company says its software reduces the time advisers spend on financial plans from 15 hours to two hours. The aim is for advisers to spend less time crafting plans and more time interacting with clients. In the release, PlanScout said its processes and presentations will now be built on SIPS RPS.
SIPS RPS, meanwhile, was founded in 2010, according to its LinkedIn page. The company makes software that helps with income planning, tax strategies, estate protection and IRA decisions.
PlanScout said in the release the SIPS RPS tools will remain available as a do-it-yourself option.
Before launching PlanScout, Murray was the CEO of the workforce management company Paypro for about two years. He spent more than four years at the wealth management platform AssetMark earlier in his career. Raygar Khailany, PlanScout's co-founder and CEO, spent more than 12 years at AssetMark before launching PlanScout.
