The statement is a little vague on details and makes reference...

The statement is a little vague on details and makes reference to preferred rather than sole provider. In reality IRESS has been used by CBA for some time as a supplier and most dealer groups in planning/wealth space have multi-offerings. Rubik's response to this will be the more interesting aspect and at least they have time to deal with the impact.

Some good news for Rubik is that the recent Investment Trends reports give a positive for Rubik according to the Financial Observer website "... the report found Rubik-owned Provisio, which was currently being integrated with Coin, to be the best superannuation scaled advice application ahead of Decimal and Xplan Engage. Provisio has been the leading developer of intra-fund advice applications for many years and is now part of a growing category of applications that offer different approaches to scaled advice delivery,”

Scale or intra fund advice is the growth area of this part of the market while comprehensive software platforms trying to all have limited growth potential IMO