Insignia Financial has announced a major overhaul of its operating model and a new executive team which the company says will drive growth and provide clearer lines of accountability to simplify and streamline the business.
The firm says that in a move away from the current functional operating model, and the first major change for the business under new CEO Scott Hartley, the new structure will centre around four dedicated lines of business:
- Advice
- Asset Management
- Superannuation (Master Trust)
- Wrap Platform
Insignia says each business line will be led by an executive with end-to-end accountability to drive positive sustainable growth and profitability, improve customer outcomes and the customer experience.
The newly created end-to-end business lines will be supported by specialist enablement and governance functions “…to ensure that each line of business is equipped with the necessary resources, expertise and strategic oversight to achieve their objectives and maintain robust operational standards.”
The new leadership team is a mix of existing executives and new external appointments including:
- Renee Howie as Chief Customer Officer, with a commencement date to be determined. Howie will have responsibility for Advice and Marketing, creating a continuum of brand awareness, customer engagement, guidance, through to comprehensive advice.
- Liz McCarthy as CEO MLC Expand, commencing 29 July. McCarthy will be responsible for Insignia Financial’s Wrap Platforms business.
- Jason Sommer as Chief Operating Officer, commencing 22 July. Sommer will lead the Strategy and Enterprise Services functions.
- CEO Superannuation – an appointment has been made and will be announced shortly. This role is responsible for Insignia Financial’s Master Trust business.
- Chief Technology Officer – currently being recruited.
While recruitment takes place for the technology role, Frank Lombardo will act as CTO. He is currently the Chief Operating and Technology Officer at Insignia Financial.
The company says the new appointments join the existing executives on the new Insignia Financial leadership team:
- Garry Mulcahy – CEO MLC Asset Management
- David Chalmers – Chief Financial Officer
- Mel Walls – Chief People Officer
- Anvij Saxena – Chief Risk Officer
- Lawrence Hastings – Chief Legal Officer
- Adrianna Bisogni – Group Company Secretary
The structural changes will take effect from 29 July 2024 with some roles covered by transitional executives until permanent appointees commence.
Insignia Financial’s Registrable Superannuation Entity Boards have also announced the appointment of Sharon Suan as Chief Member Officer, reporting to the Chair of the RSE Boards.
Hartley says that since joining Insignia in March, he has met with and listened to stakeholders, including boards, team members, shareholders, regulators and key customer groups “…on where the opportunities lie for us as a business, what we’re doing well and what we could be doing better.”
He says these “…decisive changes address that feedback and will ultimately allow us to simplify and streamline our operating model to ensure we are better aligned to deliver to our customers, and all our stakeholders…”
Hartley also acknowledged and thanked Lombardo, Mark Oliver and Chris Weldon who will be leaving Insignia over the coming months “…for their outstanding contributions to our business for more than a decade.”
