In this role, Mr Speirs will be responsible for driving sales and developing strategic partnerships to expand Ignition’s presence in the APAC market.

Mr Speirs has over 25 years in the Australian wealth management industry, most recently as head of portfolio solutions at Bravura Solutions. His experience also includes Westpac and Macquarie Bank.

Mr Speirs will be based in Sydney and report to Eric Welsby, Ignition’s chief commercial officer.

Terry Donohoe, Ignition group chief executive officer, said, “Darren has an extensive background in successfully delivering sales growth and building client relationships. His deep understanding of the APAC wealth technology market from advice through to member administration will be instrumental in furthering our successes in the region, which are a core part of our global growth strategy as the leading global advice technology for financial services institutions.

“Ignition’s unique and purpose built, omni-channel digital advice platform has been engineered for financial services institutions, delivering transformational efficiencies and scalability to our global clients.  The platform enables increased agility at scale and optimisation of advice distribution channels which ultimately empowers financial services institutions to deliver greater volumes of financial advice through enhanced customer experiences,” Mr Donohoe said.

Mr Speirs said, “I am looking forward to working with the team to build Ignition as the market leading SaaS advice specialist for institutions that need to quickly and efficiently scale their advice propositions across multiple distribution models.”

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Mr Mahoney brings a wealth of experience and expertise in building wealth management and advice platforms in Australia and the United Kingdom.

In this role, Mr Mahoney will lead the company’s platform and product division, to meet the evolving needs of institutional clients and further strengthen Ignition’s position in the industry as the company scales up its business both in Australia and overseas.

Mr Mahoney has held senior leadership positions in fintech and institutional firms including SS&C, Bravura, Blackrock Solutions, Macquarie Bank, Colonial First State and BT Financial Group. Most recently, Mr Mahoney was chief technology officer at Mason Stevens.  He will be based in Sydney and report to Ignition Group chief executive officer, Mr Terry Donohoe.

Mr Donohoe said: “Enda’s deep understanding of design thinking, cloud-based platform expansion and proven ability to drive transformational change in culture and process make him a great fit for this new role.

“We are confident his expertise will play a pivotal role in shaping our future growth and enable us to deliver even greater value to our clients,” he said.

Mr Mahoney said: “I am looking forward to working alongside a talented team dedicated to transforming the way financial advice is delivered.

“The team has created a ground-breaking platform that will meet the challenge of scaling our business to meet the global demand for our services.  The high calibre of the team in Australia and globally, as well as the cutting-edge engineering, continues to lead the way in the provision of hybrid digital advice.”

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Sally Loane

Ignition Advice has appointed Sally Loane as its new chair, effective from 5 June 2023.

Ms Loane is an experienced chair, non-executive director, and business leader.  Between 2014 and 2021, she was chief executive officer of the Financial Services Council, the peak industry organisation for financial services, members of which include global and domestic fund managers, retail superannuation funds, advice licensees and life insurers (see full bio below).

Ms Loane succeeds Peter Meurer OAM, the firm’s inaugural chair who is stepping down from the role after serving eight years.  She will work with Mr Meurer and the board during the transition period.

Mr Meurer said he is delighted to welcome Ms Loane as his successor.

“Sally brings proven leadership, including as a chair, and a wealth of industry expertise to the Ignition board from her many years leading a financial services organisation, together with deep knowledge of media and corporate affairs.

“Her experience in policy development and advocacy, specifically in the wealth sector and with a wide range of stakeholders, will be particularly valuable to our business.

“The Ignition team will benefit from Sally’s broad experience over this significant next phase of global growth for the company,” he said.

Ignition co-founder and board director Mark Fordree paid tribute to Mr Meurer and said he has been an integral part of Ignition’s growth over the past few years.

‘Under Peter’s stewardship, Ignition has partnered with a number of leading global financial firms, piloted three capital raises and has been recognised through several global industry awards.

“I thank Peter for his dedication and leadership and wish him all the very best in his future endeavours.

“As we enter the next phase of our growth, we look forward to drawing on Sally’s significant board and industry experience and her aspiration to fulfil our growth ambitions in enabling large financial institutions to dramatically scale their advice propositions to close the advice gap and make advice accessible to all,” Mr Fordree said.

Ms Loane said: “I am looking forward to working with the Ignition board, executive and people at this pivotal time for the digital transformation of the advice industry globally.

“I am a long-time advocate for all Australians to be financially literate and financially independent, particularly women, who retire with less superannuation than men, and who are still subject to a gender pay gap.  Simplified regulation and innovation through digital tools, while maintaining important consumer safeguards, will be crucial to improving affordability and access to financial advice.

“There has never been a more important time for the government and industry to support the transformation of advice provision,” she said.

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Craig Keary

The Quality of Advice report made by Michelle Levy to the Federal Government makes it clear that technology, in particular digital advice, will be central to helping more Australians access the advice suited to their specific needs and situation, says Craig Keary, CEO Asia Pacific, Ignition Advice.

Mr Keary says the final report seeks to use four main levers to achieve its aims of making financial advice more accessible and affordable:

• broadening the scope of what is considered personal advice, with most interactions with customers becoming “personal advice”
• eEncouraging institutional participation in advice, including banks, super funds and insurers: that is, organisations with resource scale which can make large investments in advice supply
• recommending that the SIS Act be amended to expressly permit super funds to provide personal advice to their members on a “fund-pays” basis, removing doubts over this issue and effectively expanding intra-fund advice
• encouraging the application of digital advice technology, by financial advisers and organisations providing advice.

He says the final report is a strong endorsement of the potential role of digital advice tools to make advice more widely available at no or modest fees.

“The high price of advice indicates that demand is already soaking up Australia’s 16,000 financial advisers, even before an extension of what is considered as personal advice.  Digital advice tools will allow many more consumers who would benefit from advice to be served.

“Moreover, Ms Levy sees the use of digital advice tools as improving the quality of advice delivered to consumers.

“In her report, Ms Levy points to technology as having a crucial role to play in helping more Australians access financial advice, in particular by allowing institutions to offer advice at the simpler end of the advice spectrum to its customers.

“Indeed the only realistic way in which the advice gap can be solved by making low-cost advice available to large numbers of consumers.

“The report also highlights the ability for financial institutions to use digital advice technology to make their financial advisers more efficient, which is something we are already seeing work to good effect in the UK.

“Indeed Ms Levy concludes that the provision of digital advice does not require specific regulation or specific regulatory changes but is inherent in the drive towards “good advice”.  Rather, the ability to provide widespread digital advice is an outcome of the recommendation that a “good advice” duty applies to any person or institution providing advice, including digital advice tools, rather than being an individual financial advice construct.

“By implication it is clear that financial institutions – banks, super funds, insurers etc – can use digital hybrid models today, rather than wait for any changes to the regulatory framework.  By allowing financial advisers to use digital advice tools, they will be able to serve many more customers, at much lower cost, than has been possible in the past.

“The fundamental extension recommended is that employees of financial institutions who are not qualified financial advisers would also be allowed to provide personal advice (for example call centre or branch staff).  It should be kept in mind that one of the recommendations is that the definition of personal advice is greatly expanded, to include many customer conversations which today might not be considered personal advice.

“The outcome should be an environment where more complex advice needs will continue to be met by qualified financial advisers, including via hybrid models, while simpler advice needs will be met by financial institution staff who are not qualified financial advisers.  Such employees would be tightly supervised with digital advice tools to provide assurance to the institution that “good advice” was being delivered.

“The Final Report is the culmination of what has been the most productive government review of the financial services industry in many years and we look forward to its implementation,” Mr Keary says.

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Based in the UK, Mr Lambden has over 30 years of experience in financial services, particularly in investment management, with his most recent experience as a Chief Executive Officer at J O Hambro Capital Management.

Mr Lambden has also been Chief Investment Officer at Baring Asset Management, and spent over 15 years at Schroders Investment Management in various roles, including Global Head of Equities, Chief Executive Officer of Australia, and Head of Australian Equities. He is currently a non-executive director of Quilter Financial Planning, having joined that board in March 2020 and has also served as a non-executive Director of RWC Investment Management.

Ignition chairman Peter Meurer said Mr Lambden’s appointment brings a wealth of international experience and knowledge to the business as it continues to grow.

“Ken’s extensive credentials and global experience will greatly assist Ignition in achieving its strategy of becoming the leading global digital advice provider for financial institutions,” Mr Meurer says.

“His appointment strengthens the support that our new global CEO, Terry Donohoe, has on the ground in the important UK and European markets.”

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Craig Keary

The Federal government has the opportunity to reset the rules around personal financial advice to benefit many thousands of Australians in its response to the final findings of the Quality of Advice Review, says Ignition Advice APAC Chief Executive, Craig Keary.

Keary says financial advice in Australia in 2023 will be largely driven by the Government’s response to the Quality of Advice Review final report handed down by Michelle Levy.

“This is an opportunity for a desperately needed reset of personal financial advice. We hope that the Government opts to implement the Review’s recommendations in their entirety, rather than being selective,” he says.

“We believe 2023 will see many organisations moving from strategic thinking to strategic execution around digital advice. We are also seeing executives and their teams think more broadly about how technology can play a role in making advice more accessible and more affordable, while also making it available at a time when customers need it most.

“Headwinds and economic challenges are almost certain to continue in 2023, so the need for Australians to have safe and affordable access to guidance and advice that can help them manage their money, protect their wealth and plan for a comfortable retirement is even more important.”

Reflecting on the Quality of Advice Review process throughout 2022, Keary says he was impressed with the quality of the debate and the collegiate approach of the industry and the diverse group of stakeholders who have a shared desire by to get Australia’s model for financial advice right.“Ms Levy’s brief was to think about affordability and accessibility for the end consumer, not interests of the industry, and the Proposals Paper reflected that significant changes to the current state were needed to achieve this.

“Post the Royal Commission, we have ended up with advice as a cottage industry which has become unaffordable for many who would benefit from it. Tinkering at the edges will not help. Ms Levy clearly understood that and has indicated that her final report largely reflects the thinking in the Proposals Paper.”

Further, Keary believes the majority of the industry has acknowledged that fresh thinking and a logical narrative was required.

“Ms Levy’s approach in starting with a ‘what’s possible’ model encouraged and fostered the industry to think about ‘how’ as opposed to ‘why not’,” he says.

“The objections we have heard are partly from those who benefit from the status quo, but also based on a misunderstanding of the scope of advice.  Most contention has focused on product replacement, but this is just one small part of what Ms Levy would consider as personal advice.

“For material improvements to be achieved, realistic solutions must be considered including the role of technology to scale advice and make good advice affordable and accessible to all Australians who want and need it.”

As a result, Keary says current trends continue to lend themselves to greater digital adoption of financial advice in 2023.

“Demand for financial advice continues to grow as the population ages; however, how people wish to consume it is rapidly evolving. We have seen an acceleration in digital adoption across most industries and it makes sense that consumers should be able to access financial advice in a way that suits them,” he says.

“The combination of human and technology, as in today’s hybrid digital advice models, is becoming more understood. Strong evidence out of the UK, as well as our own UK client experience, shows that hybrid adoption leads to greater access and affordability of advice.

“Bringing technology to financial advice is about growing the accessibility of financial advice. Technology removes the barriers of convenience, cost and confidence to make advice more accessible for all.

“Digital advice is perfectly suited to delivering single issue personal advice, for those with simpler or more episodic advice needs. It also clearly preserves the important value proposition of financial planners, who serve the more complex needs of consumers who have the need and budget for a holistic approach to managing their finances.”

Reflecting on how the role of digital advice has changed in the past 12 months, Keary says there is now widespread agreement that technology plays a pivotal role in helping organisations scale advice solutions to their members or policyholders.

“We appreciate there is growing awareness that today’s contemporary technology, which is supported by sophisticated advice algorithms and meets all compliance requirements, delivers confidence to the industry that digital advice is the only realistic way that advice can be scaled,” Keary says.

“We’re encouraged by the Quality of Advice Review and the significant reference to technology as an enabler for scale and how that can bridge the advice access and affordability gap.

“Implementing digital advice solutions is no longer a multi-year, expensive and complex, high-risk program of work, or enterprise-wide digital transformation. With the right provider, implementing digital advice can be faster, cheaper, and less disruptive than most digital projects.”

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Craig Keary

If there’s a theme running through the Quality of Advice Review proposals, it’s that perfection has become the enemy of the good when it comes to financial advice in Australia, according to Ignition Advice.

In its analysis of the Proposals Paper, Ignition said that since the Hayne Royal Commission, advice quality has indeed improved but at great cost, with the industry shrinking and retreating upmarket.

As a result, advice has become more complex, less accessible, and significantly more expensive, placing it out of reach for many who might benefit from it.

Ignition said it backs the Quality of Advice Review proposals and is supportive of the Good Advice model as principles-based, simpler, and more direct.

Combined with proposals including relaxing documentation requirements such as Statements of Advice (SoAs), encouraging institutional participation, broadening the definition of who can provide personal advice, and delivering digital advice, Ignition believes a good advice standard should substantially increase the supply of advice, particularly for simple advice topics, and improve the financial position for a greater number of Australians.

Ignition Advice Asia Pacific CEO Craig Keary says that while Australia has a large advice problem, it is fortunately very resolvable. 

“Ms Levy offers a new model – Good Advice. She is explicit that this is not necessarily the ‘best’ advice in any situation, but advice which is reasonably likely to benefit the client based on their circumstances at the time the advice is given,” Keary says.

“While no set of proposals is perfect, the good advice model offers a realistic path to high quality financial advice being available to all Australians who would benefit from it, in ways that are accessible and affordable.

“In particular, the Proposals Paper offers an approach to broaden how advice is provided via more institutional involvement, and a wider spread of people within institutions delivering simpler advice.  Consumers expect advice from their institution, institutions should be providing it, and ultimately digital advice will make this achievable in a fully compliant, affordable, and accessible way.”

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Craig Keary

Ignition Advice has been recognised for its digital advice innovation, winning two awards at this year’s Wealth & Finance International FinTech Awards, announced on 1 August 2022.

Based in the UK, Wealth & Finance International is a quarterly publication reporting globally on issues affecting banking, finance, regulation, risk and wealth management.

Ignition won the awards of Best Institutional Digital Advice Engine 2022 (Europe) and Best Financial Services Customer Solutions Provider.

It follows the win last month of Best Digital Advice Platform at the Goodacre UK Systems in the City Fintech Awards 2022 which are the leading endorsement for suppliers of services and systems to the regulated financial services sector in the UK.  In addition, Ignition has been included in the WealthTech100 list for 2022, recognising the world’s most innovative technology solution providers that address the digital transformation challenges and opportunities faced by investment firms, private banks and financial advisors.

Ignition Advice Asia Pacific CEO, Craig Keary, says: “These accolades are a wonderful recognition and acknowledgement of both the hard work of our team, and the strong support of our clients: M&G Wealth and Bank of Ireland,” Keary says.

“Ignition Advice is a global provider of digital advice technology, built for financial institutions seeking to address the broadening advice gap.

“Our bank-grade, omni-channel distribution platform, powering hybrid, adviser-led and D2C personal advice solutions, helps institutions serve at scale an under-serviced market segment that is in most need of financial advice, transforming the economics of advice provision.”

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Craig Keary

Digitally delivered intra-fund advice is the only realistic route to low-cost, consistent, compliant and robust personal advice at the scale being considered by the government’s Quality of Financial Advice Review, according to a paper from Ignition Advice.

The Going Digital with Intra-Fund Advice blueprint explores the opportunity and benefits of a digital advice solution for intra-fund advice for superannuation trustees to deliver cost effective, accessible advice to members to optimise their retirement outcomes.

Intra-fund advice refers to limited or scaled personal advice in relation to a defined set of topics that a superannuation trustee can provide to a member, with the cost spread across all members as part of standard annual fees.

Craig Keary, CEO Asia Pacific at Ignition, says there is a growing tension between the inexorably growing demand for personal advice, driven by rapidly increasing numbers of older members, and the limited human advice capacity of super funds, typically capped by headcount or spending constraints.

“To date, that tension has often been resolved by the member seeking advice elsewhere, also often resulting in the member leaving the super fund.

“Unsurprisingly, many super funds see that as an unwelcome and sub-optimal outcome after years, perhaps decades, of building the member’s account balance.

“As the number of older, higher-balance members within many super funds now grows rapidly, many exits by such members would be an outcome which undermines the fund’s desire to assist members in their transition to retirement.

“Our blueprint explores how the application of digital advice technology to greatly expand intra-fund advice capacity offers a solution to this problem, making high-quality and affordable financial advice accessible to every member who would benefit from it.”

The blueprint highlights ASIC’s intra-fund provisions that are intended to facilitate simple and one-off advice for super fund members, taking personal circumstances into account on the topics of insurance cover in superannuation, contribution levels, and investment options.

“Digital advice technology is well-suited to a fund’s intra-fund advice offer and can be delivered by a fund in different ways, including member driven, adviser-led and hybrid, where digital is used to leverage human intra-fund advice teams. Our international experience suggests a hybrid model leads to positive member and institutional outcomes.”

The blueprint also outlines the economic benefits of a digital advice solution for super funds, which are comparable to the substantial improvements achieved by funds in digitising other business processes.

“Digital advice fundamentally changes the economics of advice delivery by substantially increasing a fund’s advice capacity in a highly cost-effective manner, while improving member experience. A hybrid digital advice model allows a fund’s human advisers to be redeployed to support members requiring personal assistance or with complex needs, while technology addresses the most common intra-fund advice needs.”

“In essence, the hybrid model creates the capacity for a fund to deliver on underlying member demand for intra-fund advice. This means funds can address the advice gap, serve more members at lower costs and ultimately help more members access the benefits of advice to achieve better retirement outcomes.”

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Will comes to Ignition with 20 years of industry experience across a range of sectors, having worked at wealth managers, insurance providers and retail banks. Prior to joining Ignition, Will was Head of Account Management for Bravura Solutions, a global provider of software solutions. Before that he was a Director within Deloitte’s Technology Consulting practice, specialising in digital transformation.

In his role as Ignition’s new COO for Europe, Will’s responsibilities include overseeing client services associated with Ignition’s Software-as-a-Service (SaaS) proposition, working closely with existing clients and overseeing the business expansion to onboard new clients within the UK and Europe.

Ignition launched in the UK in May 2021 and was appointed by wealth manager M&G Wealth to deliver the firm’s new digital advice offering for its advisers and customers.

Terry Donohoe, CEO Europe, Ignition, said: “We are pleased to welcome Will to Ignition’s growing global team. Will’s extensive industry expertise and understanding will be extremely valuable as we continue our expansion. The UK remains at the forefront of the digital advice revolution and our hybrid technology is already allowing firms to capitalise on this, combining digital assistance with human expertise to offer a superior experience for their customers.”

Will Drew, COO Europe, Ignition, added: “I am delighted to have joined Ignition and I’m excited about the scale of evolution in financial advice provision that we will see in the next few years. I look forward to supporting our clients through an incremental, iterative and controlled transformation approach, and helping them embrace the opportunity presented by hybrid digital advice.”

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