Insignia’s ‘continuum of advice’ expands focus on retirement

30 August 2023
| By Rhea Nath |
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Highlighting that Insignia Financial has the “deepest and broadest access to advice capabilities”, the firm aims to prioritise pre-retirees via intra-fund advice and proactive engagement through the launch of a new client wellbeing division.

It is expected to be created in the next six months and has been created for a more seamless continuum across different forms of advice, according to the firm’s CEO, Renato Mota.

“Advice for retirees is clearly a big topic at the moment. I think everyone acknowledges the sheer weight and numbers that are going through retirement and also, there’s been a strong recognition that not enough people can get advice,” Mota told Super Review.

He stated that Insignia Financial has broad access to advice capabilities, whether through its intra-fund digital capabilities; professional service advice teams, Bridges and Shadforth; or the Advice Services Co (ASC), its new ownership model being developed in its advice division that has 1,413 advisers in its network and 461 practices.

ASC will be a partnership ownership model for self-employed licensees comprising RI Advice Group, Consultum Financial Advisers, and TenFifty and will be headed up by current Insignia chief advice officer, Darren Whereat, as CEO.

According to Insignia, the new division continues the “ambition to create financial wellbeing for every Australian” with engagement across the client life cycle.

Mota said: “The creation of the client wellbeing division is actually about creating a more seamless continuum across all those different forms of advice and having a more uniform experience that helps guide people through each phase.

“Focusing in on retirement will be a key focus for us. We are really excited about this and it’s also a demonstration of the value we can create by having more interaction directly with the client, particularly serving those that don’t currently get advice.”

Insignia is currently in the first step of recruiting for a chief client officer for this division. It is a newly created role that will report to the CEO.

“I think this division will have a broadened opportunity set because of the Quality of Advice Review (QAR) and the Better Financial Outcomes reforms,” Mota told Super Review.

“They’re all real positives and tailwinds that should help this division prosper and reach more Australians.”

In the year to 30 June 2023, Insignia announced net profit after tax (NPAT) of $51.2 million, a rise of 39 per cent from the previous year.

The licensee said this year’s NPAT sum compared to $36.8 million in the year to 30 June 2022. 

This was driven by gains of $43.2 million on the sale of Australian Executor Trustees (AET) that it sold to Equity Trustees in a $135 million transaction last year and was partially offset by lower revenue and higher transformation and integration expenses.


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