AON announces advice exit



AON has announced that it is exiting its financial advice business and is selling its financial advice arm.
A management buy-out is being undertaken by Aon Hewitt Financial Advice.
Aon used a formal statement to say the company would also be exiting its aligned adviser channel in what represented a phased approach over coming months.
Commenting on the move, AON Hewitt Financial Advice general manager, Jayon Walker said the company was executing a management buy-out of the AON-owned businesses.
He said the new ownership model would allow AHFA to invest in the requirements of a specialised advice business and respond to the needs of the marketplace.
Aon made the strategic decision in 2017 to investigate its exit from the advice business and to focus on its superannuation and investment product offering.
The company entered into an alliance with Equity Trustees and the merger of the Executive Superannuation Fund and the Aon Master Trust in 2017 to create a $5 billion superannuation partnership.
Recommended for you
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
Australians under 45 expect to need $100,000 per year to retire comfortably, but almost half the working population have no plan on how they will achieve this, Vanguard has found.
Divergences in the ratings of private credit funds by the major research houses demonstrate why financial advisers need to dig deeper and look beyond the surface-level rating of a fund.