Wealth Central News Today

Insignia CEO Renato Mota has told Money Management why the firm’s new partnership model will free up the firm’s time to work with super fund members.

Insignia Financial has announced a 59% increase in its underlying net profit after tax (UNPAT) to $234.5 million in FY22.

IOOF has reported a drop in the number of its advisers and practices in its Q1 2022 update. On Thursday the wealth giant confirmed the total number of advisers was 1,883 as at 30 September, down 65

The big banks’ collective retreat from wealth management left a giant void in terms of investment in technology and infrastructure. Given tech has been pegged as the saviour of advice, it’s up to platform providers like HUB24 and large groups like IOOF to take up the reigns.

Investment Trends analyst, Ian Webster, said that while local advice technology developers were focused on lifting practice efficiency and anticipating future changes in advice delivery models, there was emerging competition from applications likes the Salesforce-based Wealth Connect and Intelliflo’s Intelligent Office from the UK. “It is a trend that is likely to grow,” he said. “Now more than ever, advice firms have access to an array of globally available, low-cost digital services t...

Despite its lofty scale IOOF won’t be building a single proprietary technology system that does everything for advisers, and will instead retain a traditional tech stack built around the Wealth Central advice tool it purchased in September 2020. Rumours that the group is looking to expand Wealth Central into a full-suite customer relationship tool that would supplant Iress’ Xplan are off the mark, according to head of advice Darren Whereat (pictured). Trying to “stretch” software to do ...

IOOF chief Renato Mota has revealed the group is sizing up which MLC advisers it will accept, while expecting to shed up to 140 self-employed advisers as it continues along on its overhaul of the bus