Insignia Financial (ASX:IFL) lost around AU$6 billion of retirement savings to superannuation providers, marking the steepest loss within the industry amid shifting preferences in wealth management, the Australian Financial Review said on Monday, citing a report by Conexus Institute.
Around 94,000 members of Insignia Financial's MLC brand shifted to a new platform, per the report. Data showed that around AU$74 billion of retirement savings changed hands in the year to June 30, 2024, up 6% year on year. Half of all outflows involved a financial adviser. That shift benefited rivals such as Hub24 (ASX:HUB) and Colonial First State, per the report.
After Insignia, Mercer Super and AMP (ASX:AMP) were the other biggest losers of customers' shift towards industry funds and self-wealth management, per the report.
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