GBST Composer refresh sees new annuity solutions offerings
Enhancements to the GBST Composer platform have been unveiled including a new retirement planning product with annuity offerings, as the group positions for a greater push into the Australian market.
The announcement comes on the back of GBST's strong results for the 2014-15 financial year, recording an overall 52 per cent increase in net profit, up to $15.3 million, with over $250 billion funds under administration.
GBST Wealth Management's chief executive officer, Robert DeDominicis, said GBST had moved to meet the demand for retirement income products by tailoring its platform to deliver an improved product that was more cost-effective.
"The Australian wealth management sector today is certainly beginning to experience demand for access to retirement income products and annuity solutions," he said.
"This will continue over the next 20 years as both industry and policy makers are faced with the challenge of a rapidly increasing retiring population."
In their upgrade to the platform last month, GBST oversaw the integration of a multiple database support program, which was an ongoing project completed over the course of 14 months.
The company has also announced it will roll out a client engagement program in Australia to create a "differentiated competitive advantage" for its Composer platform that builds on successes in the UK market.
Among its clients currently are three of the UK's top six retirement savings platforms — AEGON, Just Retirement and Novia — in addition to Retirement Advantage and GBST's growing threshold in Australia.
"Trends and needs for retirement products will inevitably change over the coming years as policy makers address the growing inequity between retirement savings and income," DeDominicis said.
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