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.
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