Insignia Financial has completed enhancements to its Expand wrap products, including a few a new fee structure.
It’s all part of the ongoing platform simplification program, which includes an aesthetic overhaul for the online and mobile versions of the advised superannuation, pension and investment wrap product.
IOOF Essential, which is the simplified wrap product for clients with less complex needs, has been re-banded to Expand Essential; Expand Extra will be the sophisticated wrap offering.
Expand Essential has a 10-basis points administration fee with a $1000 cap and a flat account keeping fee of $90 p.a.
Expand Extra offers a fee cap of $1925, an account keeping fee of $180 p.a. and the ability to link up to six family accounts to take advantage of the fee cap.
The updated pricing will also be automatically applied to existing clients which will result in reduced pricing for some clients.
Expand is underpinned by Insignia’s proprietary contemporary platform technology Evolve and the rebuild is part of the ongoing platform simplification program for the platform business.
Insignia advisory solutions general manager Cameron Spittle said the enhancements have been developed in consultation with advisers with an aim to directly meet their evolving needs.
“As we consolidate our brands, we’ve taken the opportunity to create a more contemporary look and feel to match the enhanced offer,” Spittle said.
Whenever, wherever
Insignia boasts the mobile app will allows clients to be able to access their accounts anywhere.
The Expand app gives clients access to all the features of Expand Online from their smartphone or tablet and utilises two-factor authentication with access via a four-digit PIN, passcode, touch ID or face ID on compatible devices.
The Expand app allows clients to check investment performance and transactions, visualise their balance over time, review and make any personal changes, and download statements.
Clients will now have the option of choosing their preferred dates for pension payments and direct debits and more transactions will be available digitally to reduce the need for paper-based forms.
Additionally, Expand Extra clients have access to more managed investments including most of the listed investments in the S&P All Ordinaries Index, as well as and one, two and 24-month terms for NAB term deposits.
MLC Life Insurance has been added to the retail insurance offer for superannuation clients which will complement the existing panel of AIA, TAL and Zurich.
