Australia’s largest single wrap migration

Australia’s largest single wrap migration

Insignia Financial has successfully completed the largest single wrap migration in the Australian platform industry. The migration, completed at the end of March, saw over 94,000 client accounts worth $38.6 billion migrated from MLC Wrap, MLC Navigator, and associated offers, to Expand, its contemporary superannuation, pensions, and investments wrap platform.

Commenting on the migration, Insignia Financial Chief Distribution Officer and Head of Superannuation, Mark Oliver, said, “This complex migration has delivered our simpler, faster, and easy to use Expand platform to more advisers and clients.

“Expand is a key part of our offer to advisers and their clients. Our established technology and in-house capability is contemporary, intuitive, and simple to use, enabling business efficiency and better outcomes for clients.

“This migration is a significant simplification milestone for Insignia Financial, following the acquisition of MLC in 2021, and supports our strategy and delivers scale benefits, with 98% of migrated clients benefiting from fee reductions in Expand.”

With a total of 318,000 clients and $86 billion in total FUA across Expand, employer super, and other wrap offers, Insignia Financial’s proprietary technology is now the third largest wrap platform in the market and the largest by number of client accounts.

Read the full media release about Australia's largest single wrap migration.