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The life insurance industry climbed 4% to $18.4 billion in the year to June 2023 despite the number of risk advisers fleeing the industry.

Wraps, platforms, and master trusts FUM declined to $982.5 billion over the year to end of March 2023, although some market leaders like HUB24 and Netwealth experienced double-digit growth.

Bringing an end to years of speculation and sales discussions, Westpac will retain its platforms business, saying it intends to "aggressively compete" in the space.

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Wholesale and retail funds have seen a reduction of almost $200 billion during the June quarter with volatile global stock markets continuing to wreak havoc.

Westpac’s focus has shifted to offloading the BT businesses. In its latest filing with the ASX, Westpac reported funds under management of $105 billion on its BT Panorama platform, an increase of

Funds under administration in managed accounts have grown by 57% in the March quarter at BT to $10.9 billion, driven by an increased number of advisers using BT Panoroma as their main wrap.

TAL has taken out the Association of Financial Advisers 2021 Life Company of the Year Award for the fifth consecutive year.

Independent platform providers have seen significant growth as advisers turn to them with some of the large vertically integrated players leaving the industry.