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Fiserv acquires AdviceAmerica to expand investment services unit


Fiserv, a provider of financial services technology solutions, has acquired AdviceAmerica, a provider of integrated adviser solutions to financial institutions and independent advisers.

AdviceAmerica will become a part of the investment services unit of Fiserv, which has a technology platform for managed accounts. Financial terms were not disclosed.

AdviceAmerica, founded in 1999, is based in Fremont, California, with a research and development centre in Bangalore, India. AdviceAmerica founder and chief executive Purna Pareek and all employees of AdviceAmerica are expected to join Fiserv as part of the transaction.

"The acquisition advances the ivestment services strategy to be the platform of choice for the wealth management industry," says Mike Gianoni, president, financial institutions group, Fiserv. "AdviceAmerica extends our capabilities into front-office applications, such as financial planning, CRM and proposal tools, that support the growing needs of financial advisers and bank trust departments."

"Fiserv sets the standard for middle- and back-office technology and, with the addition of AdviceAmerica’s front-office solutions, we can provide advisors with an integrated solution that best meets their needs," adds Pareek. "This is an exciting new chapter for AdviceAmerica and we look forward to working with our new Fiserv colleagues."

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