IOOF CEO Renato Mota described the direct to customer channel as the “third pillar” of member engagement likely to emerge in light of government reforms next to workplace arrangements and financial adviser referrals.
The top 10 most read Investment Magazine stories for 2020 paint a picture of adaption in a crisis, creative thinking in dislocated uncertain financial markets, testing of business models and continuing consolidation amid a shrinking number of funds responsible for an increasing pool of assets.
Whether new look profit-for-member trustees with balance sheets and new insurance arrangements leads to these funds attracting the same attention for civil penalties and remediation as for-profit funds remains to be seen.
Industry is consulting with APRA to address the cost of merging, particularly among smaller funds where the cost to merge is preclusive to tie-ups progressing, experts have raised during an ASI digital conference panel discussion.
IOOF's deal to acquire MLC from National Australia Bank will catapult the diversified financial services group into the second-largest superannuation fund spot in the country by member assets and the largest based on platform funds under advice.
US president Donald Trump has done everyone a huge favour, including the Chinese, by getting Beijing to realise that their “imitate and steal” business model was not sustainable and it was time for the nation to switch to an “innovate and create” approach, according to Origin Asset Management John Birkhold.