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Article: Advent draws the ire of some advisers; Prices rise as software firm scraps contract.(News)
- Article from:
- Investment News
- Article date:
- September 22, 2003
CopyrightCOPYRIGHT 2003 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Brooke Southall
Advent Software Inc. is making its customers angry again.
The furor among many of the 90 independent financial advisory firms follows a decision by the San Francisco-based gorilla of back-office software to cancel a contract with them by invoking a loophole.
The company changed the name Advent Outsource to Advent Back Office. The terms of the contract state that the relationship can be discontinued only if the service itself ends. But Back Office costs 20% more and requires advisers to pay a full software licensing fee for the first time.
Advisers say this corporate shuffle translates into additional charges ...