Insignia ramps up client wellbeing focus with new hire

Insignia Financial has announced the appointment of Chris Weldon as chief client officer to lead its newly formed client wellbeing division.

Mr Weldon has held a number of leadership roles during his 12-year tenure with the group, most recently as chief transformation officer where he led Insignia’s separation and transformation initiatives, including the integration of IOOF, ANZ Pension and Investments and MLC businesses to form Insignia Financial.

He first joined the company in 2010 as head of product, a role he held for almost seven years.

In a quarterly update released last week, Insignia confirmed that Mr Weldon formally commenced in the newly created role in November.

As chief client officer, Mr Weldon will head up the firm’s client wellbeing division, first announced in August, which forms a part of its refreshed strategy aimed at harnessing the opportunities presented by the widespread shift towards enhancing retirement conditions amid an ageing population.

“Our ambition at Insignia Financial is to create financial wellbeing for every Australian,” Mr Weldon said in a recent LinkedIn post.

“The set-up of our new client wellbeing division will enable us to reach more Australians, supporting them with help, guidance and advice when they need it most,” he said.

Back in August, speaking to ifa’s sister brand Super Review, outgoing chief executive officer Renato Mota said the firm’s new wellbeing division has been created for a more seamless continuum across different forms of advice and having a more uniform experience that helps guide people through each phase, including advice for retirees which, he noted at the time, is “clearly a big topic at the moment”.

“I think everyone acknowledges the sheer weight and numbers that are going through retirement and also, there’s been a strong recognition that not enough people can get advice,” Mr Mota said.

Mr Mota also said that the division will have a broadened opportunity set because of the Quality of Advice Review (QAR) and the Delivering Better Financial Outcomes reforms.

“They’re all real positives and tailwinds that should help this division prosper and reach more Australians.”

Last week, Insignia reported funds under management and administration (FUMA) of $300.6 billion as at 31 December, up by $7.5 billion.

On the occasion, Mr Mota said: “We have made a strong start to the financial year and solid progress on the FY24–26 strategic initiatives announced in July 2023.”