Culling season for Tower, FAI
Products are to be culled as a result of the merger between Tower and FAI Life, according to Tower Corporation group managing director James Boonzaier.
Products are to be culled as a result of the merger between Tower and FAI Life, according to Tower Corporation group managing director James Boonzaier.
"There's no question that there is a certain amount of product over-lap between the two groups. I would expect a fair bit of rationalisa-tion of products," he says.
The group has appointed a special team to review the merged group's products which is expected to report to the newly formed executive team at Tower Life Australia in the next few weeks.
Boonzaier was unable to comment on the number of products to be cut from the merged organisation, saying it was early days yet, but says he feels confident the team will have rich pickings.
"Given both Tower and FAI are quite strong in risk products, particularly individ-ual risk products and individual superannuation products, we feel confident that the quality of the products will remain," he says.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
