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IRESS acquires Financial Synergy
IRESS is undergoing a restructure of management after successfully raising $85 million to acquire superannuation software provider, Financial Synergy.
The formal competition of the acquisition was successfully completed on October 31, with the Financial Synergy management team now assigned to various positions with IRESS.
Majority owner and founder of Financial Synergy, David Orford, has joined IRESS in a consulting role.
IRESS chief executive, Andrew Walsh, said: "The businesses are strongly complementary and we look forward to exploring together, opportunities in Australian financial services," he said.
"We welcome the Financial Synergy team to IRESS."
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
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