Godfrey Pembroke and RetireInvest win Towers Perrin contract
RetireInvest and Godfrey Pembroke have beaten off six competitors to supply financial planning and advice to members of Towers Perrin SuperSolutions superannuation package.
The two planning groups will supply advice to cover retirement planning, savings, wealth creation and superannuation issues.
The two groups were chosen after Towers Perrin put the services up for tender. One of the key stipulations of the tender was the ability to supply financial planning services on a national basis.
SuperSolutions is a package designed by Towers Perrin for large corporate superannuation funds who choose to outsource the administration and investment of their funds. The package made headlines late last year when it won the keenly contested $700 million BHP OneSteel contract for Towers Perrin.
At the time of launching last June, Towers Perrin said it would offer outsourcing support for trustee services, investment strategy and implementation, actuarial services, administrative services, member communication, financial planning, insurance and secretarial services.
Towers Perrin's principal of retirement Stephen Schubert said the group would not directly offer insurance or investment management, nor would it pool assets of its clients, but rather, the aggregated size of the funds would be used to achieve cost savings.
The announcement of the addition of planning services to Towers Perrin's SuperSolution package comes less than two weeks after the group secured the administration, actuarial and consulting services for the News Limited superannuation funds.
AUTHOR
Jason Spits
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
