Insignia Financial has unveiled a new operating model and executive team under the leadership of chief executive Scott Hartley.
This will centre around four dedicated lines of business: asset management, superannuation (master trust), wrap platform and advice. Each division will be led by an executive with end-to-end accountability to drive positive sustainable growth and profitability, improve customer outcomes and the customer experience.
The executives are a mix of existing staff and new appointments.
Advice will be led by chief customer officer Renee Howie who will be responsible for advice and marketing. A date is yet to be confirmed for her start at Insignia.
Liz McCarthy will join on 29 July as chief executive of MLC Expand, responsible for wrap platforms.
Jason Sommer will commence on 22 July as chief operating officer responsible for strategy and enterprise services.
The firm is currently in the process of recruiting an executive to lead superannuation and its Master Trust business, and a chief technology officer, which will be held temporarily by Frank Lombardo until an appointment is made.
Lombardo, who has worked at Insignia since 2015, will leave over the coming months, as well as chief distribution officer Mark Oliver and chief client officer Chris Weldon. Oliver has worked at Insignia since 2016 and was appointed chief distribution officer in 2020, while Weldon has worked there for 13 years.
Insignia Financial chief executive, Scott Hartley, said he had taken time since his appointment in March to speak with stakeholders to understand where the greatest needs sit for the business. He joined the firm from AMP to take over as new chief executive following the departure of Renato Mota.
He said: “These decisive changes address that feedback and 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.
“Under our new operating model, each line of business will be led by an executive focused on specific customer segments and competitive landscapes, allowing for tailored strategies that drive profitable growth and enhance customer satisfaction. This new structure will provide clear lines of accountability, enabling more effective and timely decision-making, to achieve greater efficiency and cost-effectiveness and enhance Insignia Financial’s risk culture and governance.
“I strongly believe Insignia Financial has the opportunity to be an industry leader and these changes will support meaningful and sustainable improvement in operational efficiency and earnings growth, enhance economies of scale, and will enable the business to be more competitive.”
Get rid of the rest of the old guard to clean up the culture, then you might have a chance.