Intouch launches wealth management division
Intouch Home Loans has launched a wealth management division.
InTouch Home Loans chief executive Paul Ryan said the division would offer easy-to-understand insurance, superannuation, retirement and financial planning services through its regional network.
Ryan said the decision to launch the division had been based on his belief that a lack of financial literacy has resulted in consumers feeling apathetic about their finances and insurance.
“Australian consumers are being besieged with convoluted financial information,” said Ryan. “In the resulting confusion we noticed that many of our new customers are nonchalant when it comes to understanding what benefits they were getting from their financial providers.”
He said of particular concern was the lack of understanding among consumers about how much asset protection and insurance was adequate. This, and that fact that 70 per cent of consumers did not know what interest rate they were paying on their home loans, meant it was incumbent on the financial services industry to lift its game to provide better education and services, he added.
AUTHOR
Caroline Munro
Recommended for you
GQG Partners has reported a decline in funds under management in April, but YTD inflows are approaching $10 billion.
Confusion around what classes as “sustainable” can lead to large fund performance differentials, making fund selection a material risk for advisers, according to Scientific Beta.
After five consecutive months of positive flows at Magellan, April saw $0.2 billion in institutional inflows offset by the same volume of retail outflows.
Alphinity Investment Management and CSIRO have brought its responsible AI framework to the market, helping investors navigate AI alongside ESG principles.
