Insignia appoints new head of technical services

Insignia Financial has confirmed a new head of technical services.

The wealth giant's former national manager for technical services at IOOF TechConnect, Jenneke Mills, started the new position last week.

Ms Mills will lead the newly combined IOOF TechConnect and MLC technical teams where she said she will work alongside “some of the most amazing technical minds in the industry”.

Prior to joining Insignia in June this year, Ms Mills worked for almost nine years at MLC Australia as a senior technical consultant, and later as the manager of its technical services and at NAB as a financial planner between 2011 and 2013.

The news comes just weeks after Insignia announced a new head of insurance, master trust and insurance, Kenneth Ghi, and Gideon Lipman as head of product, master trust and insurance.

Late last month, Insignia released its FY22 results when it reported an underlying net profit after tax (UNPAT) of $234.5 million — a 59 per cent increase on FY21.

Insignia also confirmed a 102.8 per cent gross margin increase of $1.48 billion which it attributed to its acquisition of MLC last year — and its integration with Bridges — and a growth in funds under management and administration (FUMA), as well as $36.8 million NPAT and a $3.1 billion improvement to platform flows.

In its advisory segment, Insignia has $104 billion of superannuation and investment funds across 480,000 clients, while its Evolve wrap suite (which includes eXpand, Essential and Shadforth Portfolio Service) reached $2.8 billion of net inflows.

As previously anticipated, the ex-ANZ aligned licensees achieved target break-even in 2H22, after Insignia reported a reduction in the number of advisers last month to 1,600. That figure is made up of 798 self-employed advisers across 427 practices, 546 self-licensed advisers across 107 practices, and 256 salaried advisers.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.