Insignia Financial said its new business strategy aims to become Australia’s “leading and most effective wealth management company” by 2030, focusing on technology and product innovation, cost optimization and simplification.

In an ASX announcement ahead of its Sydney investor day, Insignia said its strategy for the 2026-30 financial years would take advantage of the firm’s breadth and scope to maximize the benefits of scale and efficiency while “unlocking the value of its brands, building a high performance culture, becoming an AI-enabled organization and delivering positive results for customers and shareholders”.

Insignia chief executive Scott Hartley said the business would aim for scalable and sustainable growth, along with about $200 million in net cost savings annually by FY29-30.

“Our vision is for Insignia Financial to be the leading and most effective wealth management company in Australia by 2030. and through the breadth and expertise of our competitive businesses, we will deliver innovative, quality results for clients and drive double-digit earnings growth,” Hartley said.

"We want to shift our focus from building capacity through acquisition, unification and simplification to accelerated and sustainable growth through a relentless obsession with our customers."

According to the chief executive, Insignia has "some of the strongest brands in the wealth and financial advisory market" and will rely on technology to strengthen its offering.

"Our core beliefs underpin this strategy: we can drive leading customer experiences through data and AI, our shareholders' and customers' goals are aligned, collaboration and insights across the group will create value for our customers and shareholders, a true obsession with our customers will maintain innovation and a culture of high performance is essential,” said Hartley.

“Each of our four lines of business is individually strong and well positioned; our 2030 strategy is focused on how we will build on our strong foundations to leverage economies of scale and position for strategic and targeted growth, driving results for our customers and shareholders.”

As for advice, she said this would take the form of building out her Shadforth and Bridges businesses, which Insignia believes can help address the unmet advice needs of Australians.

"At Insignia Financial, we believe in the power of financial advice and its ability to improve people's lives," Hartley said.

"We recognize that there are a large number of Australians with unmet advice needs, and as Australia's largest salaried advisory business, we are well placed to lead in this space through quality financial advice."

The firm will also focus on using AI to reduce service costs and increase efficiency and profitability, while "freeing up advisers to spend more time with more clients".

On its packaging business, Insignia said it would focus on AI and robotics to improve its offering, as well as seek to strengthen and develop relationships with advisers "after a period of internal focus on migrations".

"Our wrapper, MLC Expand, is currently the third largest platform on the market and is supported by modern, flexible, proprietary technology that allows us to respond quickly to consultant and client requirements and market dynamics," said Hartley.

"With MLC Expand, we have a significant opportunity to differentiate the platform, start building a market presence and get it into the hands of more advisors and clients."

Building on MLC's "consumer brand awareness", Insignia said it would create a direct-to-consumer digital acquisition channel for its core trust business, which Hartley called the "biggest area of ​​opportunity for progress".

"Opportunity to simplify, grow, significantly reduce costs and innovate to better meet customers' pre- and post-retirement needs," he said.

"The depth and breadth of capabilities in our Master Trust business together with our investment capabilities, our advisory offering and the potential of the MLC brand - place us in a truly unique position in the market."