Lonsec enters venture with Milliman


Research house Lonsec has entered into a partnership with actuarial and consulting firm Milliman aimed at delivering a new service to financial advisers, superannuation funds and institutions around meeting the needs of retirees .
The two companies said they would be combining Lonsec's portfolio construction processes and established relationships with financial advisers with Milliman's expertise to provide retirement advice to institutions.
The companies said they would "provide extensive insight, as well as a solution-set that is closely aligned to the challenges facing Australian advisers in a post-Future of Financial Advice environment and which also meets the needs of superannuation funds and institutions".
The announcement referred to the fact that they had last year jointly authored a white paper which had contended that the current financial advice model serving retirement is sub-optimal.
It said that white paper, entitled ‘Boomers, Herding, Denial and Zeitgeist: Who will be First to Grasp the Post-Retirement Advice Opportunity?' had challenged "some commonly used approaches to managing post-retirement portfolios".
"It also provides insight into the direction Lonsec and Milliman believe the advice process and the portfolio construction approach should be heading," the announcement said.
The announcement said the two companies believed that future success in funds management and financial advice would hinge on genuinely responding to the needs of retirees".
By leveraging their respective skill sets and strengths, Lonsec and Milliman believe their partnership will achieve this goal. Further initiatives are planned to address specific post-retirement investment issues in detail, offering progress towards timely solutions.
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.