Insignia announces major revamp to operating model

Moving away from the current functional operating model, Insignia’s new structure will centre around four dedicated lines of business, including asset management, superannuation (master trust), wrap platform and advice, the firm announced in a statement on Thursday.

The revamp follows extensive meetings between CEO Hartley and stakeholders, including Insignia’s boards, team members, shareholders, regulators and key customer groups on where the opportunities lie for the business.

“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, now and into the future,” Hartley said.

He explained that each business line will be led by an executive with end-to-end accountability and supported by specialist enablement and governance functions.

“This new structure will provide clear lines of accountability, enabling more effective and timely decision making, to achieve greater efficiency and cost-effectiveness and enhance Insignia Financial’s risk culture and governance,” the CEO said.

“I strongly believe Insignia Financial has the opportunity to be an industry leader and these changes will support meaningful and sustainable improvement in operational efficiency and earnings growth, enhance economies of scale, and will enable the business to be more competitive.”

Insignia’s new leadership team is made up of a mix of existing executives and new external appointments, including Renee Howie as chief customer officer with a commencement date to be determined, Liz McCarthy as the CEO MLC Expand commencing 29 July, and Jason Sommer as chief operating officer commencing 22 July.

The CEO of the superannuation business has been appointed, Insignia said, and will be announced in the coming weeks, while it continues to search for a chief technology officer.

These new appointments join the existing executives on the new Insignia Financial leadership team, including Garry Mulcahy as the CEO MLC Asset Management, David Chalmers as chief financial officer, Mel Walls as chief people officer, Anvij Saxena as chief risk officer, Lawrence Hastings as chief legal officer, and Adrianna Bisogni as group company secretary.

“These highly skilled and experienced executives have proven capabilities in leading data, AI and digital transformations and I am thrilled to welcome them to Insignia Financial,” said Hartley.

“Each brings a wealth of experience and a strong track record in their respective fields and I am confident, in collaboration with the existing members of the executive team, they will drive the ongoing transformation of our organisation for the improved benefit of all stakeholders. In time, I look forward to sharing the final appointments to this executive team.”

Hartley was appointed chief executive officer of Insignia Financial, after Renato Mota announced last October he intended to depart in February. Prior to joining Insignia, Hartley served as CEO of AMP.