Navigator to sit behind St Andrews planners
Aviva, the owner of Navigator, has won a tender to supply investment platform services to HBOS’ financial planning arm, St Andrews.
The deal will see St Andrews’ 31 planners across three states use Navigator and the low cost Navigator Access, as well as the platform’s proprietary ‘n-link technology’.
HBOS Australia chief executive John Van Der Wielen said signing the badging deal for Navigator was part of a move to boost the financial planning arm of the bank, and encourage more cross-selling to its 650,000-strong customer base.
“St Andrews will be duplicating the UK model, which is cross-selling insurance and investment products,” he said.
“We will segment the customer base into those who want just a low cost product without advice, and those who want advice and a range of products which they can access through Navigator.”
The advisers are located within HBOS’ Perth-based subsidiary, BankWest, and its recently acquired RACV Financial Services business. Van Der Wielen said the aim is to recruit another 20 advisers this year for the network.
Recommended for you
Private equity giant TA Associates has made a strategic investment of an undisclosed sum into a major Australian wealth and investment player.
Shaw and Partners chief executive, Earl Evans, has said the firm is seeking to double the assets under management at its latest New Zealand acquisition ISG, having made the “left field” decision to embark on overseas M&A.
Advice licensee Count has seen an appeal filed to a class action against it which was dismissed earlier this year.
Going forwards, advisers’ use of platforms will be divided into those “core” offerings and “peripheral” ones, with those in the latter category facing an existential threat.
