Risk Company Update

Centrepoint Alliance firms take on blockchain-based fee consent tool

Iress has announced that Centrepoint Alliance’s Matrix Planning Solutions and ClearView Financial Advice are using its blockchain-based fee advice fee consent tool.

Advisers at the advice firms will now use the tool for fee consent for ongoing service fee agreements inside Xplan, which then validates the information using blockchain technology and emerges inside front-end platforms. The system allows licensees and advisers to send and receive data securely cross-platform.

Wealthwise buys Complete Financial Solutions

Wealthwise financial advisory firm has acquired Complete Financial Solutions, based in Perth. The purchase is the 10th across a decade. Wealthwise is an AZ NGA-supported advice company.

XY Adviser launches adviser job marketplace

A new jobs board has been launched by the professional network XY Adviser to easily connect advice firms with advisers.

AMP completes exit of life insurance business

AMP’s disentanglement from AMP Life is complete. AMP Life was sold to Resolution Life in 2020 for a consideration of $3 billion including the equity interest in RLA. Since then, AMP has paid RLA $141 million after post-completion adjustments were made and other claims. AMP is to divest its 19.13 per cent equity interest in Resolution Life Australasia (RLA) for $524 million to Resolution Life Group.

nib buys Kiwi Insurance

The New Zealand subsidiary of nib has announced the purchase of Kiwi Insurance Limited, a wholly-owned subsidiary of Kiwi Group Holdings. nib has agreed to acquire 100 per cent shares in the group for AU$43 million, with the transaction expected to be completed in early 2022. nib will refer its retail customers to nib for life and living insurance, immediately adding around 34,000 new members.

FPA launches women’s mentoring program

The Financial Planning Association (FPA) has launched its Women in Financial Planning (FP) Mentoring Program. The program has been set up to support women in the finance industry, specifically financial planning, to expand their careers by utilising more experienced FPA members.

The FPA is calling for both mentors and mentees for 2022. To apply as a mentee, the requirements are to be female, an FPA member, and working in the financial advice profession, alongside other eligibility criteria. Mentors can be male or female FPA members with at least three years of experience in one or more areas. The program starts in February 2022.