Insignia Financial

Insignia Financial has today announced the appointment of Danielle Press as Chair and Non-Executive Director of the Insignia Financial Ltd (IFL) Trustees (Insignia Trustees)*. Ms Press will join the Trustees as a Non-Executive Director from 19 September 2024 and will commence as Chair in November. Ms Press joins the Insignia Trustees with more than 30 years’ experience across the financial services industry, most recently as a Commissioner at ASIC between 2018 and 2023. Prior to that she was CEO at The Myer Family Company Ltd, CEO at Equip Super and Managing Director at UBS Global Asset Management. Commenting on the appointment, Insignia Financial Chair Allan Griffiths said attracting someone of Ms Press’ calibre and experience to Chair the Insignia Trustees would serve the organisation’s super fund members well. Read more here: https://lnkd.in/gxsjiFax #superannuation #appointment 

Today Insignia Financial announced its full year results for the year ended 30 June 2024. Commenting on the result, Insignia Financial CEO Scott Hartley said, “It is pleasing to report strong underlying net profit after tax growth of 13.6% to $216.6 million, underpinned by a net reduction in costs of $24 million. Notwithstanding the positive momentum in the underlying business, NPAT was impacted by an increase in remediation provisions, as well as strategic investments. “We acknowledge the pause in dividend payments will be disappointing for some of our shareholders however, at this time, we must prioritise strengthening our balance sheet. “As an organisation we have delivered on our FY24 priorities, which have further simplified our business and reduced costs. We remain on-track and committed to delivering our FY24-26 commitments and, in addition, accelerating our cost optimisation program and reviewing our Master Trust end state operating model. “Over the last 12 months we have successfully migrated MLC Wrap to Expand, restructured our Advice business, and divested non-core assets demonstrating our strong track record of execution. We continue to simplify our business and the recently announced new operating structure will drive enhanced accountability and improve efficiency. “Insignia Financial’s strong, scalable positions across the wealth management value chain create the opportunity to deliver long-term sustainable growth for our shareholders and improved outcomes for customers.” Read more here: https://lnkd.in/gg-xCKdE #results #companyperformance 

The Insignia Community Foundation has furthered its support for Australia’s leading food rescue organisation, OzHarvest, following our people’s commitment to volunteering with the charity over the past few years via its program, Cooking for a Cause. We’re now also supporting one of OzHarvest’s education programs, Nourish, a hospitality training program that provides skills and a pathway into employment or further education for young people aged 16-25 in Adelaide, Newcastle, and Sydney. #skills #foundation

Today Insignia Financial announced the appointment of Dave Woodall to the role of CEO Superannuation, commencing 1 November. Mr Woodall will have end-to-end accountability for Insignia Financial’s Master Trust Business, and will be responsible for product strategy, management and development, client operations, workplace solutions, sales and insurance. CEO Scott Hartley said Insignia Financial has the opportunity to be a leader in superannuation and this appointment will help drive growth. Read the full announcement here: https://lnkd.in/gdDvdzfB

Do you know an Australian charity or not-for-profit organisation doing amazing work in the community? Since 2002, the Insignia Community Foundation has partnered with Australian not-for-profit organisations to support the community across five impact areas: financial wellbeing, basic needs, reconciliation, diversity and inclusion and mental health. The latest round of Insignia Community Foundations grants is open, so apply now. Applications close at the end of July. For more information visit: https://lnkd.in/grMWvhtk #InsigniaCommunityFoundation

Today Insignia Financial has announced an overhaul of its operating model and executive team. The new structure will centre around four dedicated lines of business: Asset Management, Superannuation (Master Trust), Wrap Platform and Advice, with the new leadership team a mix of existing executives and new external appointments. Insignia Financial CEO, Scott Hartley said: “These decisive changes will ultimately allow us to simplify and streamline our operating model to ensure we are better aligned to deliver to our customers, and all our stakeholders, now and into the future." Read the full announcement here: https://lnkd.in/gAtyb7MV

Insignia Financial proudly embraces reconciliation and remains committed to strengthening our existing relationships with Aboriginal and Torres Strait Islander peoples, communities and organisations. This year’s NAIDOC Week (7 – 14 July) theme, ‘Keep the Fire Burning! Blak, Loud & Proud’ honours the enduring strength of First Nations culture and celebrates the rich traditions that define Aboriginal and Torres Strait Islander peoples. We continue to make progress towards our Innovate Reconciliation Action Plan as we embed reconciliation across our business. A priority for us is to increase knowledge and awareness within Insignia Financial to benefit our clients and communities through training with Indigenous-led organisations. #NAIDOC2024 #BlakLoudProud #NAIDOCWeek

Insignia Financial CEO, Scott Hartley, has welcomed the Government’s amendments to the s99FA provisions in the Treasury Laws Amendment (Delivering Better Financial Outcomes) Bill. Scott said, “Advisers play a vital role in providing advice and guidance to superannuation fund members and we’re pleased the Government has listened to industry concerns and recognised the importance of having industry clarity and achieving the right outcomes. “Trustees can now continue to use existing risk-based practices with confidence to meet the needs of their members.” #financialadvice #superannuation

Founded in 2007, The Pinnacle Foundation’s flagship program awards multi-year educational scholarships and mentoring opportunities to young LGBTQIA+ Australians to help them realise their full potential. We’ve been proud to sponsor Xavier Alexander, currently pursuing a double bachelor’s degree in law and business at Swinburne University of Technology, for the past few years. Insignia Financial, along with its charitable foundation, recently renewed its commitment as a gold partner, providing sponsorship for a scholar for a further three years. Xavier has benefited immensely from the program, “My mentor has helped me navigate law school. We have focused on implementing study techniques and navigating the use of formal language within a career perspective. “I am forever thankful for the support Insignia Financial, alongside The Pinnacle Foundation, have provided in my academic journey. Thank you for believing in me and other LGBTQIA+ people and championing our dreams and aspirations. Your investment is cherished and will never be forgotten.” Applications for scholarships commencing in 2025 will open on 1 July 2024 and close on 31 August 2024: https://lnkd.in/gkkniui #weallbelong #pridemonth #ThePinnacleFoundation

Insignia Financial’s CEO, Scott Hartley, has called for amendments to the Delivering Better Financial Outcomes and Other Measures Bill to ensure it doesn’t push up the cost of advice through placing undue burden on superannuation trustees. Scott said, “At a time when Australians are facing increasing cost of living pressures, it is important they can access financial advice when needed. This includes assisting superannuation members with the facilitation of advice funded through their superannuation where the member has provided their written consent.     “We acknowledge amendments the Government has made to the Bill’s Supplementary Explanatory Memorandum. However, this does not resolve the issue with the current drafting, which may place an undue burden on superannuation trustees before they are able to satisfy member requests for payment of advice – a burden which may ultimately lead to higher costs for superannuation members.    “Financial advisers play a key role in helping Australians manage their financial outcomes and we encourage the Government to recognise the importance of accessible and affordable advice.” #financialadvice #financialwellbeing