AXA building new platform
AXA Asia Pacific is building a "new generation platform" that the group will migrate its existing offerings to, according to chief executive Andrew Penn.
Penn pointed to the development at AXA Asia Pacific's annual investor conference yesterday, saying the group was "developing a new generation platform that will provide a market leading e-wrap service".
Further, it will be the "technology onto which we will migrate our existing offerings", with the group aiming to "substantially reduce" its marginal operating expenses.
In the same speech, Penn said the group was responding to recent falls in funds under management and advice by growing new business sales through its North product while also extending that product into the post-retirement space, in addition to reducing operating expenses.
The group aims to more than double its funds under advice (including in its aligned advice channels) from $30 billion to $70 billion by 2012.
It hopes to do so in an environment without commission payments to advisers.
Penn said yesterday by July 1 next year, AXA Asia Pacific would remove all entry, exit and trail commission products from its Approved Product Lists for its licensees. Penn also said all of AXA's on-sale products would enable the separation of advice and product fees.
Speaking at the conference yesterday, the group's key executives sought to highlight the existing strength and potential of the group's Asian businesses, with AMP and AXA SA's bid still outstanding.
Recommended for you
Advice firm Apt Wealth Partners has appointed Andrew Dunbar to lead the firm in its next growth phase, while former CEO James McGregor will step up as executive chair to focus on M&A plans.
The use of offshore service providers could be exposing clients to potential risks around confidentiality, operational disruption, or effective supervision, ASIC has warned financial advice licensees.
With the adviser education pathway deadline less than three months away, Padua Wealth Data is predicting a “very unstable last quarter” after three months of solid net growth and new entrants.
ASIC has banned the former CEO of Lighthouse Partners from providing financial services for 10 years after failing to report fees-for-no-service conduct, the second individual banning from this firm.
