These appointments follow Nippon Life’s announcement in December 2024 that it had agreed to acquire 100% of the shares of Resolution Life. On completion of this transaction, which is subject to regulatory approvals and is expected to occur in the second half of 2025, Resolution Life Australasia and Acenda will merge to form one of the largest life insurance businesses in Australia and New Zealand, the Acenda Group.

These appointments will take effect upon completion of the transaction, along with the appointment of Mr Craig Dunn as future Chair of the Acenda Group. Ms Dubé and Mr Stephen are current Independent Non-Executive Directors of the MLC Limited Board while Ms Babbage and Ms Garnon are Independent Non-Executive Directors of the Resolution Life Australasia Limited Board.

Mr Craig Dunn, said: “I welcome the appointments of Melissa, Rosheen, Catherine, and David as future Directors of the Acenda Group Board. Their combined experience in financial services will be instrumental as we guide the Acenda Group into a new era. I look forward to working with them as we develop and enhance our products and services to meet the needs of millions of customers across Australia and New Zealand.”

Ms Jacqueline Korhonen will continue as an Independent Director of the MLC Limited Board, which will become a subsidiary Board of the Group, post completion of the transaction.

Additionally, Mr Rodney Cook will be appointed as Independent Non-Executive Director of Resolution Life Australasia Limited, which will also operate as a subsidiary Board of the Group from completion. He is expected to join the Board in late October 2025.

The post Appointment of future Independent Non-Executive Directors appeared first on AdviserVoice.

David Stephen

Investment solutions provider Ironbark Asset Management (‘Ironbark’) and national financial advice firm Invest Blue have announced plans to merge and create one of Australia’s largest diversified financial services businesses.

Upon completion, the merged Ironbark and Invest Blue entity will have approximately $64 billion in funds under management, trusteeship, and advice (as of 30 June 2023). It will have more than 500 people, and offices in over 35 locations around Australia.

According to Chris Larsen, Ironbark’s Chief Executive Officer, the partnership brings together several areas of professional specialisation under one umbrella to meet evolving consumer needs and expectations while delivering an enhanced client experience.

“The client is at the forefront of everything that we do; be it, acting as professional trustee for funds and managed account solutions or partnering with best-in-class investment managers globally via our Investment Solutions business. With an existing and significant footprint in the advice market, this merger enhances our commitment to creating Australia’s largest independent diversified financial services business,” he said.

“In a competitive and fast-changing environment, we will be well positioned to take advantage of favourable themes, including increasing demand for advice and regulatory changes aimed at making advice more affordable and accessible.”

David Stephen, Invest Blue’s Managing Director, said the merger supported Invest Blue’s longstanding mission to empower people to live their best possible lives and aided the group’s goal to become the trusted home of great advice to over 60,000 clients in every major population centre in Australia.

“Our strategic partnership with Ironbark will provide capital, scale and expertise. It will accelerate our ability to enhance our value proposition to our clients, people and shareholders,” he said.

“For clients, we always look for ways to add value to ensure we deliver best-in-class advice, service and solutions. Our partnership with Ironbark will increase our ability to invest in our offer, systems and processes to enhance the client experience as we strive to become Australia’s trusted home of great advice.

“From a people and culture perspective, it will create opportunities for employees to explore varied and expanding roles and enable us to invest more in their professional development both in a leadership and technical capability, ensuring we remain a truly great place to work with ongoing industry-leading engagement.”

The merger is expected to be completed by the end of September 2023. Ironbark was exclusively advised by Berkshire Global Advisors.

The post Ironbark and Invest Blue merger to create diversified financial services powerhouse appeared first on AdviserVoice.

David Stephen

National financial advice firm, Invest Blue has entered a strategic partnership with advice and client engagement platform Lumiant to build a cloud-based platform that boosts client engagement, satisfaction and well-being.

Under the deal, Invest Blue will provide $2 million in seed capital, play a key role in developing Lumiant’s digital platform, and roll out the solution to its 100+ financial advisers across 30 locations.

Invest Blue Managing Director David Stephen will also join the Lumiant board.

“Our mission is to become Australia’s trusted home of great advice and we believe a platform that facilitates more meaningful client conversations and generates deeper client insights will help build trust,” he said.

“Technology enables the efficient, consistent and scalable delivery of high quality advice, and we are excited about partnering with Lumiant to develop the platform and embed it in our business.”

According to Santi Burridge, Founder and CEO of Lumiant, the platform’s client-centric design helps advisers bring to life a client’s financial position, goals and values.

“Our advice delivery modules support advisers in visualising their advice and engaging clients around important trade-off conversations that increase their comprehension and motivation,” he said.

“It brings everything that is important to the client together in one place, enabling advisers to deliver a tailored experience.”

Invest Blue’s investment in Lumiant follows its strategic partnership with outsourcing company, Virtual Business Partners in August 2022.

“We are a fast growing company with ambitious goals and our strategic partnerships give us a competitive advantage,” Stephen said.

“Our investment in key components of the advice process will help ensure that Invest Blue can deliver advice at scale. With the banks out of personal advice, we want to help fill the void, not only in terms of making advice affordable and accessible to more Australians but in terms of employing and training the next generation of advice professionals.”

“Our strategic partnerships signal to the market that Invest Blue is an innovative and progressive firm. We believe people are attracted to progressive, client-focused businesses.”

The post Invest Blue and Lumiant partner to develop digital advice platform appeared first on AdviserVoice.

Paul Barrett

Professional services utility, AZ Next Generation Advisory (AZ NGA), and national financial advisory business, Invest Blue, have joined forces to co-invest in Australian-owned, Philippines-based paraplanning and back-office solutions provider, Virtual Business Partners (VBP).

Under the deal, AZ NGA and Invest Blue will acquire a 40% interest in VBP with the group’s management team increasing their holding to 20%, and VBP’s founding shareholders, David Carney and David Deegan, retaining a 40% stake.

The transaction enables all parties to fulfil key strategic priorities. It represents AZ NGA’s foray into the advice supply chain, giving the group exposure to a high-quality standalone investment, and securing capability and capacity in the midst of a skills and talent shortage.

Similarly, it reinforces Invest Blue’s strategy to acquire capability and empower people on its mission to become Australia’s largest integrated financial advice brand.

The deal also concludes VBP’s extensive search for an experienced long-term capital partner to help manage key-person risk and succession, and fuel the group’s growth and expansion plans.

According to David Carney, VBP Co-founder and Chief Executive Officer, the transaction will ensure VBP retains its convincing lead as Australia’s number one outsourcing partner for financial planning businesses.

“This is an exciting partnership that means we can continue growing, innovating and adding value for our clients,” he said.

“It has allowed David Deegan and myself to realise some capital value, created a pathway for key staff to buy into the business and, in doing so, strengthened our employee value proposition, which will help us attract and retain the best talent.”

Paul Barrett, AZ NGA Chief Executive Officer, said the group was attracted to VBP’s clear purpose, differentiated proposition and vision for the future.

“VBP is not an outsourcing company but a human resources partner for advisory businesses looking to increase efficiencies, reduce their cost to serve and improve their net profit margin,” Mr Barrett said.

“Culturally, there is a lot of alignment between VBP, AZ NGA and Invest Blue, and together our focus is on helping more advisory businesses and extending VBP’s market position.”

David Stephen, Invest Blue Chief Executive Officer said the group was continuously on the lookout for profitable, growing businesses.

“As one of VBP’s largest, longest-standing clients, we know the people who lead this organisation and the talented people they attract. We have every confidence in their ability to grow and continue providing excellent service,” he said.

“We’re also keen to attract and acquire other like-minded advice businesses, and we have the right structures and processes in place to enable advisers to deliver their client service proposition. VBP is a key part of that framework.”

Mr Barrett added: “AZ NGA is not only interested in high quality accounting and advisory SMEs but we see opportunities to invest in key parts of the supply line.”

“A horizontally integrated strategy makes sense because there are clear bottlenecks in the advice process, such as the production of advice documents, and there’s also a huge war for talent. These trends support our strategy and underpinned our interest in VBP,” he said.

“VBP is effectively a human resources solution. It is partnering with advice businesses to solve resourcing problems and build a strong people strategy.”

The post AZ NGA & Invest Blue join with Virtual Business Partners to grow Australia’s leading provider of advice solutions appeared first on AdviserVoice.

David Stephen

Invest Blue has partnered with BT, in conjunction with Ironbark and Russell Investment Management, to develop a managed account solution for the advice firm’s 4000-strong client base.

The new suite of five managed portfolios, administered on BT Panorama, has been developed exclusively for Invest Blue. The separately managed accounts are issued by Ironbark as the responsible entity, and with Russell Investment Management as investment manager.

Chris Mather, Head of Distribution, BT, said: “With the Invest Blue investment committee, Russell Investments and Ironbark all working in sync on a contemporary platform, BT Panorama, we’ve been able to deliver a tailored solution for Invest Blue’s advisers and clients.”

Invest Blue’s objective was to find a wealth management solution that provided excellent options and experience at a more competitive cost for their clients. Invest Blue CEO David Stephen has endorsed BT’s ongoing implementation of the managed account solution, highlighting how BT worked with the Invest Blue team to manage operational changes in order to embed the managed account solution across its advice practices.

Mr Mather added: “BT’s focus on continually improving the digital features on the platform helps advice businesses realise the full extent of the benefits of managed accounts, in terms of efficiency and ease of use for their advisers and clients. Simultaneously, at BT we have invested heavily in our team’s capability to support change and implementation as part of our commitment to advisers, and we’re pleased that advisers are responding positively to the support that we offer.”

Funds under administration in BT’s managed portfolios increased by 52% in the year to 31 December 2020 ($3.4b to $5.2b); and managed portfolios comprise 15% of Panorama’s total FUA (excluding Tailored Portfolios and Adviser Portfolios). Within a 12-month period BT added 41 new managed portfolios across 10 arrangements with either new investment managers or through new additions to existing managers, bringing the total number of managed portfolios to over 160.

The post Cornerstone portfolios for Invest Blue practices launched on BT Panorama appeared first on AdviserVoice.

Cornerstone Managed Portfolios respond to increasing adviser and investor preference for transparent, personalised investment solutions, and growing demand for lower-cost, actively managed portfolios.

Aligned AMP advice practice, Invest Blue, collaborated with AMP and Russell Investments to design and build the new offer, which includes four separately partnered managed portfolios.

The portfolios provide Invest Blue’s advisers and clients with access to transparent investment portfolios, tailored to specific client needs.

Shaune Egan, AMP’s Director Wrap Product, said the new offer reflects AMP’s ongoing commitment to firmly establish MyNorth as the leading wrap platform in the Australian market.

“Our strategy for MyNorth is anchored to three objectives – cost effectiveness, seamless administrative functionality and unrivalled investment choice.

“This new offer continues the delivery of this strategy, supporting advisers in providing clients with tailored, cost effective portfolios, constructed and managed by a leading investment manager.

“Advisers and clients will benefit from centralised trading teams and strong investment governance processes which minimise risk and support practice profitability,” Mr Egan said.

David Stephen, Invest Blue’s Managing Director, said “the new portfolios strengthen Invest Blue’s value proposition, providing clients with access to bespoke, high-quality, transparent investment options.

Jodie Hampshire, Managing Director of Russell Investments Australia, said “we are seeing increased demand from many financial advice licensees and large practices for independent, world class investments, packaged and structured to suit specific client needs”.

The new offer expands MyNorth’s partnered managed portfolio range following the launch of portfolios with advice practice, the Weinberg Private Group and other independent advice practices in 2019.

Cashflows on the North platform increased 52 per cent to A$2.0 billion in the first half of 2020, driven in part by continued inflows from external financial advisers, which increased by 39 per cent to A$700 million.

The post New MyNorth partnered managed portfolios appeared first on AdviserVoice.

Westpac also announced the appointment of Les Vance to a new role as Group Executive, Financial Crime, Compliance and Conduct. Mr Vance will be responsible for overseeing the Group’s financial crime, compliance and conduct management.

Mr Vance’s appointment reflects the Group’s commitment to increase its focus on these areas and allow the Chief Risk Officer, David Stephen, to focus on the financial risk management of the organisation, particularly the credit portfolio, given the challenges of the COVID-19 pandemic.

Mr King thanked Mr Lindberg and Mr Bright for their contribution to Westpac.

Mr Lindberg made significant progress on improving customer satisfaction and the digital experience, while Mr Bright improved the capability of the Bank’s technology infrastructure, implemented the Customer Service Hub and achieved significant efficiencies in vendor services.

Commenting on Mr Vance, Mr King said: “Les is a thoughtful and energetic executive who will bring a forensic approach to improving and strengthening Westpac’s financial crime and compliance management.

“Westpac has made significant progress in improving its financial crime capability and I am confident Les will continue to build on this platform of work. His deep understanding of the bank and risk management will help us further strengthen our management of non-financial risk. Les will bring his considerable experience, knowledge and integrity to his new role.”

Mr Vance is currently the Chief Operating Officer, Consumer Division and has over 25 years’ executive experience across line manag

The post Westpac executive changes appeared first on AdviserVoice.

Victoria, who has been a member of FINSIA and its predecessor organisation the Securities Institute since 1996, takes over from David Gall who is continuing in a high profile role as Interim Vice President.

The appointment, at the last board meeting on July 30, comes as part of a series of board level changes at the 133-year-old body.

Three new board directors appointed during May and June were also announced at their first official meeting.

They are: Westpac Chief Risk Officer David Stephen F FIN, National Australia Bank Executive General Manager, Growth Sector Cameron Fuller F FIN and Commonwealth Bank of Australia Executive General Manager, Regional and Agribusiness Banking Grant Cairns F FIN.

Victoria, a Senior Fellow, is currently the Independent Chair of OnePath Custodians, the ANZ Bank’s public offer retail superannuation fund and a non-executive director of ASX-listed URB Investments. She is also the Chair of NSW Treasury and a member of the ASIC Markets Disciplinary Panel.

She said: “I am honoured and privileged to be appointed President of FINSIA at this critical time in our industry and our organisation’s history, and hope I can provide the strong leadership that reflects the great legacy of our organisation and its members.

“My great aspiration is for FINSIA, and its members, to be leaders in deepening professionalism and pride in our industry.

“FINSIA, its members and staff, have a fabulous history of being leading advocates, thought leaders and drivers of professional standards. “At a time when the financial services industry is facing unprecedented change, with heightened community expectations, a challenging competitive environment and regulatory landscape, building professionalism across our industry and supporting our members to be the best they can is critical.

“Over the next year, that means FINSIA will continue to deliver and grow its program of market leading professional qualifications and programs that support our members and the industry to respond to this new environment.

“Importantly that also means working closely with industry leaders, regulators, ethics organisations to build professional standards, to become industry recognised standards of competence, conduct and ethical behaviour that apply across the industry, whether you’re a banker, a fund manager, or in fintech.”

Commenting on FINSIA’s commitment to gender diversity, she added: “FINSIA released its first Gender Divide Report in 2010 and I’m very proud that FINSIA has demonstrated a continued commitment to driving change in gender diversity in our industry.

“FINSIA’s core philosophy of transparency and consistency in reporting to drive change is at the heart of this report and its diversity campaign.

“Though some incremental change has occurred since 2010, what the 2019 Report shows is that significant change requires further significant effort at the organisational and system level, and by each and every individual in the industry.

“Gender diversity is a business problem which will deliver huge rewards if we get it right. And like every business problem it requires recognition, analysis and solutions that are measured and managed.

“FINSIA’s ongoing advocacy and thought leadership on gender diversity – challenging the norms of the past – will be critical to driving awareness and ensuring the industry meets this important challenge.”

The post Victoria Weeks named as new president of FINSIA appeared first on AdviserVoice.

Brian Hartzer

Westpac Group yesterday received APRA’s response to its Culture, Governance and Accountability (CGA) self-assessment process. In its response, APRA has decided to apply an additional $500 million to Westpac’s operational risk capital requirement.

This follows APRA concluding that Westpac was required to improve its management and oversight of non-financial risk. The additional capital requirement will remain in place until APRA is satisfied that Westpac has completed its action plan.

A summary of the CGA self-assessment’s findings was included in Westpac’s 2019 Interim Results Presentation and Investor Discussion Pack. The summary included key findings and outlined Westpac’s action plans across five areas: Board and executive governance, risk and compliance, customer, remuneration and accountability, and culture.

Westpac’s CGA self-assessment was undertaken by a joint team of Westpac employees and consultants from global management consulting firm, Oliver Wyman, and was submitted to APRA in November 2018. Westpac has today released a full copy of its CGA self-assessment on its website,

The $500m requirement, to be applied through an increase in risk weighted assets, will apply from 30 September 2019. This change is expected to reduce Westpac’s Level 2 common equity tier 1 (CET1) capital ratio by approximately 16 basis points. Westpac’s CET1 capital ratio at 31 March 2019 was 10.64%.

Westpac Group CEO Brian Hartzer, said: “The CGA self-assessment was a valuable exercise. We acknowledge the need to improve non-financial risk management and oversight and we are working to resolve the issues raised.

“Our Board and senior executives are committed to addressing the shortfalls identified in the report and will continue to provide regular updates on our progress.”

Westpac Group Chief Risk Officer, David Stephen, is leading a program of work, overseen by the Board, to implement the self-assessment’s recommendations. To date, around 20% of the recommendations have been implemented.

The post Westpac receives APRA response to its Culture, Governance and Accountability self-assessment process appeared first on AdviserVoice.