The frictionless movement of assets is becoming a common feature of markets around the developed world, yet Australia remains a step behind. The ASX is in no mood to rush the move to T+1, however, after its calamitous attempt to implement distributed ledger technology.
It’s a dire situation for consumers but a massive tailwind for financial advisers. More people and more capital in the superannuation coffers than ever, with a stubbornly small number of advisers to service them.Â
Ex-AMP executive Hartley named to succeed Mota as CEO at Insignia
Scott Hartley will take over from Renato Mota at Insignia Financial, after the Ex-AMP Australia head was announced as CEO in a press release sent out by the wealth management giant this morning.
The appointment comes after an 8-month hiatus for Hartley, who left AMP mid-2023 after a restructure of the business saw the career executive’s role become redundant.
At the time Hartley’s led the ‘AMP Australia’ division comprised of the group’s wealth and platforms arm, but with CEO Alexis George’s drive for a flatter executive structure (and a strong lead on the advice side with the hiring of Matt Lawler), the AMP Australia grouping was abandoned and Hartley let go.
Hartley was the favourite for the appointment at Insignia; he has the depth of experience in both wealth management and superannuation that Insignia need in someone overseeing an institutional provider. Previous to his role at AMP he was CEO of Sunsuper, and before that Hartley led MLC’s corporate and institutional wealth business.
According to Allan Griffiths, chair of Insignia, Hartley joins the business at a “pivotal” moment and should come in with a “fresh perspective” on Insignia, which has lost over half its share value since the 2018 Hayne Royal Commission (a fate shared by its contemporary, AMP).
“Scott’s deep experience and strategic leadership will be critical as we continue to build on our established foundations and move forward with clarity and focus on the opportunities our market position and capabilities provide,” Griffiths stated.
Hartley himself said he was “honoured” to lead Insignia as the business evolves.
“Insignia Financial is uniquely positioned in the industry, with capabilities in advice, platforms, superannuation, and asset management, and a strong client focused culture which can be leveraged to create value for all stakeholders, including shareholders, clients, advisers, and members,” the new CEO stated. “Insignia has an exciting future and I look forward to working with the Insignia team to accelerate execution of Insignia’s strategy.”
Hartley will join the company on February 26 and take the reigns as CEO on March 1.
