Substantial growth potential lies in the retirement solutions space as more people move on from the accumulation phase, according to MLC and NAB Wealth.
As such, the group has established a new retirement solutions team, to be headed by former AXA Australia head of structured solutions Andrew Barnett.
MLC and NAB Wealth stated that it would be the fastest growing segment within superannuation going forward.
“Building out our product and service offering in the retirement solutions market is one of MLC’s target growth areas,” said Michael Clancy, of EGM, MLC Investment Platforms.
Clancy said there had been limited innovation in the retirement solutions market, although this would change given the rapidly shifting demographics in Australia.
Barnett was chosen to head the new retirement solutions team due to his more than 14 years experience in financial services, most of which were spent developing product strategies for the superannuation and retirement markets, the group stated.
