MLC platforms migration to Insiginia’s Expand sets record

Insignia Financial is claiming that its migration of clients on the MLC platforms to Insignia Expand is the largest single wrap migration so far undertaken in the Australian platform industry.

At the same time as releasing its quarterly update to the Australian Securities Exchange (ASX), Insignia said the migration of 94,000 client accounts from MLC Wrap and MLC Navigator holding $38.6 billion in funds under administration represented the biggest such exercise in Australia to date.

Insignia Financial chief distribution officer and head of superannuation, Mark Oliver said the migration was a significant simplification milestone following the company’s acquisition of MLC in 2021.

He said the migration supported Insignia’s strategy and delivered scale benefits, with 98% of migrated clients benefiting from fee reductions.

Insignia is claiming that with a total of 318,000 clients and $86 billion in total FUA across Expand, employer super, and other wrap offers, Insignia Financial’s proprietary technology is now the third largest wrap platform in the market and the largest by number of client accounts.

​“One of the benefits of proprietary technology is we can continue to evolve the platform quickly and efficiently. We are committed to working closely with advisers to continue to deliver features and enhancements in line with changing needs and would like to thank them for their support and patience during this process,” Oliver said.

The last significant platform migration occurred when BT Financial migrated clients from BT Wrap to BT Panorama.