Insignia Financial 3Q24 Quarterly Business Update

Insignia Financial Ltd (ASX: $IFL) has reported a $11.7 billion increase in Funds Under Management and Administration (FUMA) to $312.3 billion as at 31 March 2024. The company also achieved a successful migration of MLC Wrap to Expand, marking significant progress on its FY24-26 strategic initiatives.

CEO Scott Hartley's Commentary on 3Q24 Progress

It has been pleasing to see continued progress against the FY24-26 strategic initiatives announced in July 2023. Strong growth in FUMA over the quarter has been supported by positive investment markets and reflects the benefits of scale, while our flagship Expand platform is achieving consistent net inflows. The successful, highly complex wrap migration demonstrates Insignia Financial's strong track record of execution and ability to deliver significant projects. It is an important and significant milestone as we continue to simplify and optimise the business. The Expand platform will deliver an enhanced, modern solution to migrated clients and their advisers, and allows Insignia Financial to further simplify and reduce costs. We expect to see an improvement in net inflows over the longer term as we work through this transitionary period.

Summary of 3Q24 Update and Outlook

Insignia Financial (ASX: $IFL) reported a $11.7 billion increase in FUMA to $312.3 billion and successful completion of MLC Wrap migration in its 3Q24 update. The company remains on-track to achieve its FY24-26 strategic initiatives, with a focus on cost optimization and the launch of a new Advice Services partnership model in July 2024. The outlook remains positive as the company anticipates an improvement in net inflows over the longer term as a result of the successful migration and ongoing strategic initiatives.