SEARCH
AstuteWheel serves cease and desist on rival tech group
AstuteWheel serves cease and desist on rival tech group
The creators of the advice software platform have served a cease and desist letter to a rival technology provider alleging their IP has been copied.
Astute Wealth Advice, creators of engagement platform AstuteWheel, served the letter to Lumiant on Monday in regard to a financial health questionnaire.
Astute Wealth has alleged Lumiant’s “Lumiant Confidence Questionnaire” uses “substantially the same words as almost all of the text in AstuteWheel’s 5-minute ‘Health Check’”, which launched in 2011.
“It is extremely disappointing to discover that a financial services company appears to have copied our material,” Astute Wealth managing director, Hans Egger, said.
“Given all that has happened in and to the financial advice industry in Australia over the past decade, if any industry knows how imperative it is to behave with honesty and integrity, it is this one.”
Astute Wealth is also alleging that the rating questions and scores in Lumiant’s questionnaire are “very similar” to their health check survey.
Astute Wealth said it intends to commence proceedings against Lumiant, unless “certain terms” are met by 20 July.
“We will not stand by and allow Lumiant to reproduce our intellectual property for their commercial advantage,” Mr Egger said.
Lumiant responded to the news in a statement given to ifa.
"Lumiant supports fair business at Lumiant and as such will not be providing comment on ongoing legal matters until it is appropriate," a Lumiant spokesperson said.
Want more content on technology and innovation? Register now for the Adviser Innovation Summit 2021.
About the author
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily. Neil is also the host of the ifa show podcast.
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily. Neil is also the host of the ifa show podcast.
Subscribe to our Newsletter
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
latest articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Center
- Investor Daily
- Lawyers Weekly
- Money Management
- Mortgage Business
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- Which Investment Property
- World of Aviation
EVENTS AND SUMMITS
- Accountants Daily 30 Under 30 Awards
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian Aviation Awards
- Australian Broking Awards
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Space Awards
- Australian Space Summit
- Better Business Summit & Awards
- Corporate Counsel Summit & Awards
- Cyber Security Summit & Awards
- Defence Connect Budget Lunch
- Defence Connect DSR Summit
- Fund Manager of the Year Awards
- ifa Excellence Awards
- ifa Future Forum
- Investor Daily ESG Summit
- Lawyers Weekly 30 Under 30 Awards
- Lawyers Weekly Women in Law Forum
- Mortgage Business Awards
- New Broker Academy
- Partner of the Year Awards
- REB Awards
- Reinnovate
- SME Broker Bootcamp
- SMSF Adviser Technical Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Law Awards
- Accountants Daily Podcast Network
- The Adviser Podcast Network
- Australian Aviation Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- Mortgage Business Podcast Network
- REB Podcast Network
- Relative Return
- The Smart Property Investment Show
- Space Connect Podcast
PODCASTS
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Subscribe to the Adviser Innovation eNewsletter.
