Godfrey Pembroke and RetireInvest win Towers Perrin contract
RetireInvest and Godfrey Pembroke have beaten off six competitors to supply financial planning and advice to members of Towers Perrin SuperSolutions superannuation package.
The two planning groups will supply advice to cover retirement planning, savings, wealth creation and superannuation issues.
The two groups were chosen after Towers Perrin put the services up for tender. One of the key stipulations of the tender was the ability to supply financial planning services on a national basis.
SuperSolutions is a package designed by Towers Perrin for large corporate superannuation funds who choose to outsource the administration and investment of their funds. The package made headlines late last year when it won the keenly contested $700 million BHP OneSteel contract for Towers Perrin.
At the time of launching last June, Towers Perrin said it would offer outsourcing support for trustee services, investment strategy and implementation, actuarial services, administrative services, member communication, financial planning, insurance and secretarial services.
Towers Perrin's principal of retirement Stephen Schubert said the group would not directly offer insurance or investment management, nor would it pool assets of its clients, but rather, the aggregated size of the funds would be used to achieve cost savings.
The announcement of the addition of planning services to Towers Perrin's SuperSolution package comes less than two weeks after the group secured the administration, actuarial and consulting services for the News Limited superannuation funds.
AUTHOR
Jason Spits
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
