IOOF becomes Insignia Financial
In October 2021, IOOF announced it would undergo a rebrand to become Insignia Financial as part of its transformation, following its recent acquisition of MLC.
Whilst the rebrand will involve a new brand image, name and logo, the company asserts that its underlying strategy will remain the same.
At the IOOF AGM on November 25th 2021, shareholders have overwhelmingly voted in favour of the company’s plan to rebrand as Insignia Financial. When asked to approve the rebrand at IOOF’s annual general meeting, 98.47 per cent of shareholders voted in favour of the resolution.
“Insignia will be the symbol for financial wellbeing in Australia,” the chairman said, noting that brands such as MLC, Bridges, Shadforth Financial Group and Godfrey Pembroke would be retained.
The rebrand is expected to cost between $2 million and $3 million, funded by the MLC acquisition budget approved by shareholders at the 2020 AGM.
See here for the CEO and Chairman’s address.
About Insignia Financial Rebrand
A strategic review was undertaken following the fallout of the Royal Commission on IOOF’s organisation and brand.
The new brand draws on the origins of IOOF and signifies the fusing of the IOOF and MLC organisations and aligns future goals.
It’s unclear at this stage whether, the rebrand will be just at Corporate level and if the IOOF and MLC super products will adopt the Insignia brand name or if the underlying investments and fees will change.
About MLC
Formerly the wealth arm of National Australia Bank. MLC was acquired by IOOF, following NAB’s decision to exit the wealth industry.
MLC still operates under it’s own brand. See our review of it’s Flagship super product MLC Masterkey.
About IOOF
IOOF, which stands for the Independent Order of Odd Fellows, was founded in 1846 and is one of Australia’s largest financial institutions. After the acquisition of MLC became one of Australia’s largest superannuation funds. See our Review of IOOF’s main Super products IOOF Personal Super and IOOF Pursuit Focus Personal Super.
