AXA makes best of bad situation
In an inspired marketing move AXA Asia Pacific is using the Australian Competition and Consumer Commission’s (ACCC) blocking of National Australia Bank’s (NAB’s) proposed takeover of the company to sell its North platform — the product that ultimately sank the bid.
A national advertising campaign launched by AXA today and to be run over the next fortnight seeks to make a silver lining out of the ACCC’s stymieing of its proposed marriage with NAB.
“AXA’s North. The one investment platform so hot the ACCC didn’t want a bank to nab it,” one ad reads.
And: “A bank can’t get their hands on AXA’s North. But you can.”
In the fine print the group states the ACCC opposed the deal “because of the innovative North platform”, before outlining the features of its North investment guarantee and directing potential clients to see a financial adviser.
Recommended for you
AZ NGA has entered into a strategic partnership with national advice firm MiQ Private Wealth, as a way to provide a succession solution, as well as career development opportunities for staff.
While the advice profession struggles under growing operating costs, Adviser Ratings has found more than half of practices – some 58 per cent – that generate less than $250,000 in revenue report no profit at all.
The Federal Court has ordered the freezing of assets and the appointment of receivers to two entities linked to Australian Fiduciaries, ASIC’s latest move in an ongoing investigation into the company’s managed investment schemes.
Off the back of the August adviser exam results, the profession has seen 17 new entrants hit the Financial Adviser Register (FAR) this week, helping numbers return to positive territory.
