Insignia completes SS&C transition for Master Trust
Insignia Financial has completed its transition of a range of administration and technology functions to SS&C Technologies as it seeks to be a leading wealth manager by 2030.
This sees almost 1,300 people within the admin, technology and digital teams move over to SS&C.
Insignia Financial will retain functions such as claims, complaints, product development, relationship management, marketing, member education, and advice and guidance.
Chief executive of MLC Super, Dave Woodall, who joined the firm last year from Australian Retirement Trust, will have end-to-end accountability for Insignia Financial’s Master Trust business, and will be responsible for product strategy, management and development, client operations, workplace solutions, sales and insurance.
The deal was first announced in December as part of Insignia’s bid to transform its Master Trust business.
The priorities for Master Trust are:
- Simplifying the proposition by leveraging its size into meaningful scale benefits for members and reducing cost to serve.
- Growing the Workplace offering by being the provider of choice for Australian employers.
- Building a digital direct-to-consumer acquisition channel harnessing and growing MLC’s consumer brand awareness.
- Developing and delivering innovative products to drive improved outcomes for customers to and through retirement.
Woodall said: “We’re delivering on our commitment to simplify and transform our superannuation business to convert our size into meaningful scale benefits, through lower cost-to-serve, competitive fees and industry leading service outcomes, under our go-forward brand, MLC.
“The transition provides continuity of service for our members, employers and advisers, while laying the foundation for a more intuitive and consistent experience, and a business that’s better positioned to grow and adapt.
“This is an important step towards achieving our 2030 vision to be Australia’s leading and most efficient wealth management company. As we embed our partnership with SS&C, we’re now focused on executing the next phase of our strategy as outlined in our FY26–30 priorities.”
SS&C head of global investor and distribution solutions Australia, Shaun McKenna, said: “Our relationship is built on a strong foundation of trust, innovation and a shared commitment to improve retirement outcomes for all Australians.”
AUTHOR
Laura Dew
Recommended for you
Two law firms have highlighted licensees’ responsibility to ensure they have sufficient cyber security measures in light of the enforcement action against Fortnum Private Wealth.
A former director has pleaded guilty to providing financial product advice without holding an AFSL which saw almost $2 million transferred to him.
Commonwealth Private Limited, a subsidiary of Commonwealth Bank of Australia, has launched a wholesale offering with the help of JPMAM.
Shaw and Partners’ new national head of private wealth believes the biggest challenge for financial advisers right now is being able to deliver efficient advice delivery amid a complex regulatory environment and growing investment universe.
