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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Mark Fordree

Technology is poised to play a crucial role in helping more Australians access effective, safe and affordable financial advice, at a time when the number of advisers is declining, says Mike Giles, co-founder and CEO of Ignition Advice.

“There is increasing appreciation that technology can be an extremely valuable tool in the financial advice industry.  Important lessons have been learnt from the mistakes made in the past, including the limitations of roboadvice and the need for human interaction,” Mr Giles says.

“On top of this, we’ve seen the take-up and penetration of technology grow exponentially, by people who would never have considered using virtual or online services before, due to the lockdowns and ‘working from home’ requirements over the past 12 months.

“As a result of these developments, we believe the opportunity for technology to change the way that advisers deliver advice, and the way that Australians access it, has never been greater, and at a time when the need for Australians to get advice has never been more important.”

Mr Giles points out that the growing role of technology does not eliminate or even reduce the need for financial advisers.

“Digital advice has evolved from the days when it was envisaged that roboadvice could be a standalone online offering. Now there is recognition that human interaction and intelligence needs to be a vital component of the advice offering.”

And overwhelmingly, he says, advice also needs to be easy to access and affordable.

“Properly developed and implemented, technology can help advisers deliver compliant, scalable and cost-effective advice to more clients, enabling them make the best financial decisions for their future.

“We’ve already experienced this in Europe amongst our enterprise clients, where there is strong evidence of increased engagement with their own customers who are adopting digital advice solutions,” Mr Giles said.

Mark Fordree, co-founder and director at Ignition Advice, says technology will also play an important part in allowing other institutions, such as insurance companies and superannuation funds, to provide simple or single-issue advice to customers.

“Regulatory changes have resulted in major players walking away from vertically integrated models,  ultimately leaving millions of customers without easy access to advice.  At the same time, government and regulators are talking about the need to lower the cost of advice and to make it easier, and safer, for people to access.”

He says there is scope for other institutions to fill this gap, and to deliver appropriate simple advice in a safe and flexible manner.

“But this evolution in the advice offering will not be at the expense of existing financial advisers. Rather, the future is one where digital technology will be a complementary offering to a market that still sees advice as something that is too expensive or only for the very wealthy.

“Indeed regulators such as ASIC have indicated that they believe single-issue advice can help close the advice gap, and in this environment, it is inevitable that technology will provide the missing piece of the advice puzzle,” Mr Fordree says.

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(L to R): Mark Fordree and Mike Giles

Fintech Ignition Advice continue their growth with a move into the UK market establishing new teams in London and Edinburgh.

Terry Donohoe, CEO Europe, Ignition Advice says, “We are delighted to bring our class leading digital advice platform to the UK. By bringing advisers and their clients together on the one advice platform, we enable our partners, financial institutions, to truly scale their advice propositions. With rapid implementation times and great user experiences, the Ignition Advice platform provides the flexibility demanded by financial institutions.”

The firm first gained a presence in Europe in Dublin in 2017. Mike Giles, Cofounder and CEO says, “Ignition Advice is well experienced in operating within local regulations, including the pre and post trade transparency requirements of MiFID and the consumer protection standards for insurance firms under IDD. As part of the move into the UK, we are further localising all products for the UK market, over layering UK FCA regulatory standards to meet the needs of British clients.”

David Hempson joins the company as its new Business Development Director UK where he will launch and lead Ignition’s sales effort in the UK. With twenty years of experience in financial services sales, including roles at EValue and FE FundInfo, Hempson brings a deep understanding of the investment and wealth sectors and a passion for digital financial advice.

David Hempson, Business Development Director UK, Ignition Advice says, “Ignition’s proven digital advice technology and the strong appetite from UK financial institutions for customer first digital engagement advice solutions make an exciting combination. We look forward to bringing the UK market live digital advice solutions for insurance, pensions and wealth in 2021. Our simple hybrid technology integrates seamlessly with adviser-led and adviser-assisted customer experiences. The challenges of 2020 have accelerated the need for digital solutions and Ignition Advice is perfectly positioned to help.”

Ignition Advice teams continue to expand globally, with strong hires in both the Dublin and Sydney offices, supporting the UK expansion and servicing new client acquisition.

Mark Fordree, Cofounder of Ignition Advice commented, “Ignition’s highly flexible platform is able to serve the needs of a broad spectrum of financial institutions. Post Brexit, the UK is establishing a strong lead in fintech and digital financial services, and we are pleased to enter the market at this time. Ignition continues to hire leading technologists to our global team to support our growing client base.”

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Advice board of directors, (L to R): Peter Meurer, Mark Fordree, Russell Scrimshaw and Mike Giles.

Ignition Advice has announced that Russell Scrimshaw has accepted the roles of Deputy Chairman of the Board of Directors and Non-Executive Director. Scrimshaw is an experienced senior executive and company director, and a valuable addition to the growing firm.

On joining the Board of Ignition, Russell Scrimshaw, Deputy Chairman of the Board of Directors and Non-Executive Director, said, “I am very excited to be a part of what I expect will be a major international software and services company in the rapidly expanding financial services and advice sector. Clearly, Ignition software is world class and has already generated several prestigious sales in Europe and the UK, as well as in Australia.”

Peter Meurer, Chairman of the Ignition Board of Directors said, “We are delighted to welcome Russell Scrimshaw to Ignition Advice. He is one of Australia’s leading financial services experts. An appointment of this calibre will greatly assist Ignition as we continue to expand through partnerships with leading global institutions in 2021.”

In his recent career Scrimshaw has been Deputy CEO of Fortescue Metals Group and Chairman of UK listed Sirius Minerals PLC (acquired by Anglo American earlier this year). He is Chairman of the Garvan Foundation and Non-Executive Director of the Garvan Institute of Medical Research.

During his earlier corporate executive career Scrimshaw was at various times responsible for Information Technology and Operations in the Commonwealth Bank of Australia, Director of Marketing at Optus Communications, Vice President of Sales and Service in the US for American computer Company Amdahl, and a senior executive in IBM Australia.

The appointment follows Ignition’s successful Series B capital raising with Morgan Stanley Wealth Management in 2020. Proceeds from the capital raising will be used to support business development and product research, ensuring that Ignition’s technology solutions remain at the forefront of global innovation.

Additional key 2021 hires

Ignition Advice continues to augment their global team with an aggressive recruitment strategy, also announcing Robert Coulter as Business Development Lead, APAC and David Hempson as Business Development Director, UK.

Robert Coulter joins the Sydney office to lead Ignition’s APAC distribution partnerships. Coulter brings experience with top tier firms including AMP, ING, BT Financial Group, MLC Australia and Asgard. David Hempson has a mandate to launch and lead Ignition’s new UK business. He has twenty years experience in financial services sales with firms including EValue and FE FundInfo, and a deep understanding of the investment and wealth sectors.

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Robert Coulter

Ignition Advice continues to augment their Sydney based APAC team, announcing Robert Coulter as Business Development Director, APAC, effective immediately.

Coulter joins the firm to lead Ignition’s APAC distribution partnerships. Coulter brings experience with top tier firms including AMP, ING, BT Financial Group, MLC Australia and Asgard.

Coulter is excited for the opportunity to bring Ignition’s digital advice technology to a growing number of enterprise clients. He says, “I have for a considerable period of time believed that digital advice is a key ingredient to helping more Australians access safe, compliant and affordable advice. I believe that there is a real convergence of purpose with industry, government and regulators all demonstrating a desire to deliver safe, compliant and affordable advice.”

Following strong business growth and a successful Series B capital raise by Morgan Stanley in 2020, Ignition is aggressively expanding and recruiting to meet growing global enterprise market demand.

“We are pleased to welcome Robert Coulter to Ignition’s growing global team. Ignition continues to attract world class digital advice experts. We look forward to maintaining this momentum with strong staff recruitment throughout 2021,” said Co Founder and Director of Ignition Advice, Mark Fordree.

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Manish Prasad (left) and Mark Fordree.

Ignition Advice has engaged Morgan Stanley to raise additional capital for the firm. Morgan Stanley will raise up to $35million, with a post-money valuation of $105 million, via a new Series B capital raise and a partial sell-down.

Shaun Bornstein, Executive Director of Morgan Stanley Wealth Management, says, “Ignition’s exponential growth opportunities and the ability to form strategic partnerships with a number of tier one firms makes an exciting investment opportunity.”.

Ignition offers a full end to end platform for enterprise, including onboarding, consumer engagement, compliant advice, sales completion, ongoing account management and client servicing.

Bornstein continues, “Ignition is a smart, global technology company that allows any institution to transform the way they guide and advise customers. The technology is white-label, embeddable and uses AI, machine learning and algorithmic technology across three verticals: investments, insurance and retirement.”.

To accelerate growth, Ignition will focus on strategic partnerships with core banking and wealth recordkeeping platforms that power more than 4,500 banks, including the recently announced global partnership with Avaloq.

Co Founder and Director of Ignition Advice, Mark Fordree says, “We are delighted to be working with Morgan Stanley, a global tier 1 firm that understands our journey and is able to support our business on the exciting road ahead.”.

Morgan Stanley has completed a roadshow, introducing Ignition to a number of institutional investors, family offices and ultra-high net worth clients.

“The timing is right for Ignition to raise extra growth capital. Ignition is identified as one of a small handful of enterprise grade, advice platforms, globally which have solved for insurance, wealth and pensions, as a white label customer first experience. We are now ready to scale and win significant market share,” Fordree explains.

Proceeds from the raise will be used to support business development and product research, ensuring that Ignition’s technology solutions remain at the forefront of global innovation. Ignition is expected to go to IPO in 2022.

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Manish Prasad

Ignition Advice continues its strong growth strategy, announcing a global partnership with one of the world’s leading financial services and digital technology providers, Avaloq. Ignition is proud to be the first Australian fintech to be admitted to the Avaloq.one Ecosystem.

Manish Prasad, CEO of Ignition Advice says, “Ignition’s accelerated growth comes from a focus on strategic partnerships. With our platform complete and validated, strong distribution partnerships will allow us to quickly scale our enterprise client base. We are delighted to partner with Avaloq to bring our solutions to their global network of clients.”

The Avaloq banking suite provides core banking software solutions to more than 150 of the world’s financial institutions, in more than 30 countries, with over USD 4 trillion in assets managed with its software. Avaloq clients include Barclays, HSBC, Societe Generale SA, DBS Bank, Deutsche Bank, Crestone Capital Advisors LLC, Maybank, LGT and Pictet. Through Avaloq’s extensive network, Ignition solutions can be offered to more than 150 target institutions.

Founded in Switzerland in 1985, Avaloq first launched a core banking solution almost thirty years ago. They pioneered Software as a Service (SaaS) and business process as a service (BPaaS) solutions for banks and wealth managers.

Their extensive third party marketplace Avaloq.one Ecosystem leads a new era of open banking, seamlessly connecting approximately 150 financial institutions with more than 120 innovative fintech solutions globally, allowing collaboration and rapid integration.

Terry Donohoe, COO of Ignition Advice says, “The Avaloq credo of complex problems, simple solutions and delivering live customer benefits in months not years is a perfect fit for Ignition. Our proven bank grade solutions are ready to implement, allowing clients to provide better service to their customers with go live in as little as 90 days.”

In 2020 Ignition has developed a strong distribution through partnership strategy and also recently became a member of the Envizage partner ecosystem. Envizage is a UK based holistic analytics platform that services enterprise clients including banks, insurance firms and asset managers. The partnership will allow Ignition and Envizage to bring digital engagement, goals optimisation, personal financial advice and investment, insurance and retirement product fulfilment to the global market.

Founded in 2014 by Mark Fordree and Mike Giles, Ignition is a global leader in digital advice technology, with unique capabilities to deliver advice across investment, retirement and insurance.

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Manish Prasad (left) and Mark Fordree.

Ignition Advice has remarkably achieved three finalist places in the global Banking Technology Awards. The innovative partnership between Ignition Advice and Bank of Ireland has earned a place as a finalist in the global category of Best Fintech Partnership amongst an exciting field including Barclays Bank, Lloyds Bank and Santander.

Ignition monopolises the shortlist for the Rising Star category with Ignition leadership team members from around the world, CEO Manish Prasad and CEO Ireland Alan Quinlan both winning finalists honours. With just ten finalists worldwide, securing one fifth of the spots signals Ignition’s people-first growth strategy.

Now in their twentieth year, the Banking Technology Awards are organised by London’s FinTech Futures. The organisation states, “For software providers, a Banking Technology Award is a valuable recognition of the company’s products and services, and an endorsement by the fintech community. For individuals and teams, a Banking Technology Award is a prized acknowledgment of the demonstrated skills, leadership, vision, inspiration and dedication to the industry’s betterment.”

In 2018, Ignition Advice placed as a finalist in the category Best Use of IT in Private Banking / Wealth Management. This category recognises excellence and innovation in the use of IT in financial services worldwide, and the people who make it happen.

The awards will be celebrated at a gala dinner in London on December 5, 2019.

Best Fintech Partnership

The Best Fintech Partnership category lauds the most remarkable partnerships happening in global banking today. The partnership between Ignition Advice and Bank of Ireland has been selected as one of the world’s best (in a total field of 15 finalists).

Named “Life Advice” the Ignition solution gives Bank of Ireland customers a single platform from which to manage their financial needs, from day to day banking through to retirement planning. The Ignition Advice Bank of Ireland deal is a multi year, multi million dollar engagement, seen by both parties as a long term commitment to revolutionise the European digital banking experience.

“Ignition Advice is particularly pleased to be shortlisted as a finalist for the Banking Technology Awards, Best Fintech Partnership category. This reinforces our vision and strategy to form meaningful relationships with the world’s top financial institutions. Bank of Ireland are a great partner for Ignition and we are delighted that together we have now launched live insurance and investment journeys, with a retirement journey to follow in 2020. The early results show Bank of Ireland customers are delighted with the new offerings,” said Manish Prasad, CEO at Ignition Advice.

Ignition Advice delivers world leading bank grade technology combined with a strong drive to innovation and a customer-first ethos. Bank of Ireland’s decision to work with Ignition was driven by their ability to partner in transforming the customer experience and ensuring that customers are supported to make the best possible financial decisions.

“Bank of Ireland were actively looking in the market for a service provider who could support our growth ambitions in this market across all of our business channels and customer segments.

“There are many different types of providers in this market, from pure robo-advisers who are in essence execution only to software providers who can build your current processes to spec and update the look and feel of how your advisers interact with a customer.

“Bank of Ireland is seeking to transform the customer experience by providing omni-channel services but also ensuring that our customers make the best financial decision they could at any given time. We believe this is the key to better financial outcomes for our customers that will improve their financial wellbeing. In our interactions with Ignition Advice we believed they were closest to us in terms of our desire to improve customer outcomes,” said Sean O’Murchu, Director of Wealth Advice and Distribution at Bank of Ireland.

Alan Quinlan, CEO, Ignition Ireland notes that Ignition, Bank of Ireland engagement has evolved and deepened. From a technology and abilities based relationship, the firms now enjoy a true partnership.

“Initially our reasons to partner were all about the technology, the people and our ability to partner with a tier one bank. As we progressed through the proof of concept, we discovered a real alignment on a shared vision we had around how digital advice would evolve over time and the positive impact our platform could bring to our enterprise partners, end customers, advisers and regulators,” said Alan Quinlan, CEO, Ignition.

Ireland Banking Technology Awards – Rising Star

The Banking Technology Awards Rising Star Category recognises individuals who are making a substantive difference to the global world of fintech. Ignition fields a remarkable two finalists out of ten globally.

Ignition Advice, CEO, Manish Prasad and Ignition Advice Ireland, CEO, Alan Quinlan both feature as finalists. This level of industry recognition highlights Ignition’s success in attracting the world’s finest fintech innovators around the globe. With teams based in Sydney and Dublin, attracting leadership staff who are acknowledged as global rising stars speaks to the firm’s commitment to lead from a capabilities and culture ethos.

“Ignition is extremely proud to have not one but two finalists in the global Banking Technology Awards category: Rising Star.

This kind of recognition from the very best of our industry peers validates our company ethos of hiring the best to deliver the best. This ensures that the solutions serving our clients and customers are created with the innovative flair of the world’s rising fintech stars,” said Mark Fordree, Co-Founder and Executive Director, Ignition Advice.

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Manish Prasad (left) and Mark Fordree.

Ignition Wealth Co-Founder and inaugural CEO Mark Fordree has announced the appointment of Manish Prasad to the role of CEO of Ignition Wealth.

“On behalf of the Ignition Wealth Board, executive team and staff, we are extremely pleased to have engaged Manish Prasad to lead Ignition Wealth. Manish is a deeply experienced and well respected financial services executive, whose expertise and knowledge will guide Ignition Wealth as we continue to grow” said Mark Fordree, Executive Director, Ignition Wealth.

Manish is a highly credentialed financial services executive with deep domain experience in financial advice across all channels and segments. Manish’s career includes senior roles globally for NAB/MLC, AMP/AXA, Genesys Wealth Advisors, Capital Position LLC and most recently KPMG where he held the title of Director of Asset and Wealth Management.

Manish’s corporate career has focused on growth and commercial management of advice organisations and his appointment will drive Ignition Wealth’s expansion into the savings, retirement and scaled advice markets.

Manish Prasad, CEO, Ignition Wealth said, “Digital financial advice as an industry is at a very exciting stage. I am looking forward to driving the business at Australia’s leading B2B robo-advice solutions provider Ignition Wealth.”

Manish’s recruitment follows Ignition Wealth’s January announcement of Alan Quinlan’s appointment to the role of CEO, Ignition Wealth Ireland and forms a key part of the business’ enterprise partnership and development strategy.

“From our beginnings, an important focus for Ignition Wealth has been to ensure that our executive team boasts industry experts who can provide real thought leadership. The appointment of Manish Prasad reflects this.” stated Mark Fordree, Executive Director, Ignition Wealth.

In his role as Executive Director, Mark Fordree will focus on the global expansion of the business, pursuing domestic and offshore opportunities, managing investor relationships and key partnerships, and steering strategy at an executive and board level.

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Alan Quinlan

Ignition Wealth has announced the appointment of Alan Quinlan as CEO of the burgeoning Ignition Wealth Ireland business. Alan is highly experienced in the international fintech field, having held senior roles at several wealth houses including Australia’s BT Financial Group and Ireland’s Mercer.

“Ignition Wealth has a multi-currency and multi-language platform which we are currently deploying in Ireland. We are pleased to have appointed Alan Quinlan to head our Ireland operations, ” said Mark Fordree, Group CEO, Ignition Wealth.

Ignition Wealth Ireland opened in July 2017 and is now established with offices in the city’s historic St Stephen’s Green and an initial local staff of half a dozen, including technical and business development. The Ignition Wealth best in breed software solution has been initially welcomed by Irish financial institutions and the business is currently completing scoping work for customised digital financial advice applications for large scale distribution partners.

“This is a well timed opportunity to raise the bar on what’s possible in fintech in Ireland. We are working to evolve technology for financial services, bringing a global perspective to development, compliance and customer experience, ” said Alan Quinlan, CEO, Ignition Wealth Ireland.

The Ignition Wealth Ireland development team are working to custom build client engagement solutions, adapting the software for the needs of the local market. The solution will reimagine the financial advice experience for both advisers and clients using guided architecture.

“Following a prolonged period of underinvestment in technology and the increasing regulatory burden, financial institutions are now hungry to provide their customers with compliant consumer-grade experiences. We look forward to building the business and the opportunity to provide the next generation of fintech to Irish institutions, ” said Alan Quinlan, CEO, Ignition Wealth Ireland.

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