Insignia confirms Millenium3 sale talks
Insignia Financial has confirmed it is in advanced discussions to sell its Millenium3 license.
Insignia made the confirmation in its quarterly update to the Australian Securities Exchange (ASX) at the same time as confirming the advanced state of delivering on its new Advice Services partnership model for self-employed licensees comprising RI Advice Group, Consultum Financial Advisers and TenFifty.
The quarterly update saw funds under management and administration reduced by $1.9 billion to $293.1 billion as at 30 September, with total net outflows for the quarter being $1.4 billion largely reflecting platform net outflows of $1.3 billion from MLC Wrap ahead of its migration to Insignia’s Expand (Evolve23) platform.
Dealing with financial advice, the update said there were 1,385 financial advisers in the Insignia Financial network, comprising 219 advisers in the employed channel and 1,166 advisers across advice channels.
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