Compensation InsightHow Insignia Financial Pays
A comprehensive analysis of Insignia Financial's (formerly IOOF) career levels, compensation by role, STVR/LTVR structure, executive pay, equity plans, the CC Capital acquisition, and SS&C outsourcing transformation.
At a Glance
Career Level Hierarchy
Insignia Financial uses an inferred 8-tier structure (~4,662 employees). The company operates across Advice, Master Trust, Wrap, Asset Management, and Corporate segments with brands including MLC, IOOF, and Bridges.
Executive Leadership (above I7)
Multi-Brand Complexity
Insignia Financial operates MLC (acquired from NAB June 2021), IOOF, Bridges, Shadforth, Consultum, Godfrey Pembroke, and Plum. Each legacy business has different pay scales and structures. Harmonization across brands is ongoing but incomplete — creating internal pay equity challenges.
Compensation by Level
Total compensation breakdown for Melbourne, Australia. All values in AUD.
| Level | Title | Base (Range) | Variable % | Total Comp (Range) | Equity |
|---|---|---|---|---|---|
| I1 | Graduate / Entry 0–2 yrs | A$55K – A$68K | 0% | A$61K – A$76K | None |
| I2 | Analyst / Associate 1–4 yrs | A$65K – A$85K | 5% | A$72K – A$96K | None |
| I3 | Specialist / Senior Associate 3–7 yrs | A$85K – A$115K | 8% | A$95K – A$133K | None |
| I4 | Manager / Senior Specialist 5–10 yrs | A$110K – A$150K | 15% | A$128K – A$185K | Senior eligible |
| I5 | Senior Manager 8–14 yrs | A$145K – A$190K | 25% | A$175K – A$255K | DSTI eligible |
| I6 | Head of / Associate Director 10–18 yrs | A$180K – A$240K | 35% | A$235K – A$345K | DSTI + Perf. Rights |
| I7 | Director / GM 14–22 yrs | A$240K – A$380K | 50% | A$340K – A$600K | Performance Rights |
| I8 | Executive (C-Suite / KMP) 18+ yrs | A$500K – A$1.3M | 120% | A$850K – A$3.5M | STVR + LTVR (Perf. Rights) |
Source: Glassdoor, PayScale, Seek, Insignia Financial Annual Report FY2025. Australian values include superannuation (12%).
Total Compensation Range by Level
I8 (Executive) excluded to avoid scale distortion. CEO total comp at target: ~A$2.8M.
Salary by Career Stream — Australia
Breakdown by role across Insignia Financial's key business areas. All figures in AUD per year. Wealth management firms typically pay below banking peers but above general corporate roles.
Advice & Financial Planning
| Role | Average | Range | P90 |
|---|---|---|---|
| Client Solutions Specialist | A$65,000 | A$55K–A$75K | — |
| Paraplanner | A$75,000 | A$60K–A$90K | A$100K |
| Financial Adviser (employed) | A$115,000 | A$85K–A$150K | A$180K |
| Senior Financial Adviser | A$145,000 | A$110K–A$190K | A$220K |
| Practice Manager | A$130,000 | A$100K–A$165K | — |
| Head of Advice | A$220,000 | A$180K–A$280K | — |
Platform & Operations
| Role | Average | Range | P90 |
|---|---|---|---|
| Operations Associate | A$58,000 | A$50K–A$68K | — |
| Platform Specialist | A$82,000 | A$70K–A$95K | — |
| Senior Platform Analyst | A$100,000 | A$85K–A$120K | A$135K |
| Operations Manager | A$125,000 | A$105K–A$150K | — |
| Head of Platform Operations | A$195,000 | A$170K–A$230K | — |
Technology
| Role | Average | Range | P90 |
|---|---|---|---|
| Software Engineer | A$95,000 | A$80K–A$115K | — |
| Senior Software Engineer | A$130,000 | A$110K–A$155K | — |
| Data Engineer | A$125,000 | A$105K–A$150K | — |
| Solution Architect | A$165,000 | A$140K–A$195K | — |
| CTO | A$650,000 | A$550K–A$750K | — |
Corporate Functions
| Role | Average | Range | P90 |
|---|---|---|---|
| Analyst | A$78,000 | A$65K–A$92K | — |
| Compliance Officer | A$90,000 | A$75K–A$110K | — |
| Risk Manager | A$135,000 | A$115K–A$160K | — |
| HR Business Partner | A$125,000 | A$105K–A$150K | — |
| Senior Accountant | A$100,000 | A$85K–A$120K | — |
Leadership (Cross-Function)
| Role | Average | Range | P90 |
|---|---|---|---|
| Senior Manager | A$168,000 | A$145K–A$195K | — |
| Associate Director | A$210,000 | A$180K–A$245K | — |
| Director | A$280,000 | A$240K–A$380K | — |
| General Manager | A$340,000 | A$280K–A$420K | — |
Source: Glassdoor (705 salaries), PayScale, Seek, Indeed. P90 = 90th percentile where available.
Variable Pay & Bonus Structure
STVR uses a 60/40 enterprise-individual scorecard. CEO STVR max increased to 120% of TFR in late 2025. DSTI defers a portion into share rights for senior roles.
Variable Pay % by Band
STVR Scorecard Weighting (Executive KMP)
Enterprise Shared Goals (8 Measures)
CEO STI Outcomes (% of Maximum)
Equity & Stock Plans
Performance Rights (LTVR) are the primary equity vehicle for executives. DSTI defers a portion of short-term bonuses into share rights. CC Capital acquisition ($4.80/share) will impact all unvested equity.
CC Capital Acquisition Impact on Equity
ASX Insider Trades & Director Dealings
Disclosed to ASX under Corporations Act. Most executive 'Acquisition' transactions are Performance Rights or DSTI vesting, not open-market purchases.
| Date | Person | Role | Type | Shares | Price (A$) | Value |
|---|---|---|---|---|---|---|
| Jul 2025 | Allan Griffiths | Chairman | Acquisition | 15,000 | A$4.75 | A$71K |
| Mar 2025 | Scott Hartley | CEO | Acquisition | 50,000 | Equity vesting | Deferred equity |
| Feb 2025 | John Selak | NED (People & Rem Chair) | Acquisition | 5,000 | A$4.40 | A$22K |
| Dec 2024 | Multiple Executives | Various KMP | Acquisition | — | Equity vesting | Deferred equity |
| Sep 2024 | Multiple Directors | Various NEDs | Acquisition | — | A$3.30 | Deferred equity |
Bidding War & Share Price Context
Between December 2024 and July 2025, IFL shares were subject to a three-way bidding war between Bain Capital (initial ~$4.00, later $5.00), CC Capital ($4.30→$4.60→$5.00), and Brookfield ($4.60). Bain withdrew in May 2025. The final CC Capital scheme price of $4.80/share represents a 56.9% premium to the $3.06 pre-bid close. All insider trades during this period occurred in the context of significant share price appreciation and heightened regulatory scrutiny.
Source: ASX announcements, Insignia Financial Annual Report FY2025.
Executive Compensation — FY2025
- Former CEO of AMP Australia Wealth Management and CEO of Sunsuper
- STVR max increased to 120% of TFR (was 74.4%) for CC Capital deal leadership
- Direct share ownership: ~0.008% of company (~A$242,360)
- Below-average CEO pay vs similar-sized Australian companies
| Period | CEO | Note |
|---|---|---|
| Mar 2024–present | Scott Hartley | Ex-AMP; leading CC Capital process |
| 2019–Feb 2024 | Renato Mota | Led MLC acquisition; resigned after 20 years |
| 2009–2018 | Chris Kelaher | ASIC Royal Commission issues |
Senior Leadership Compensation
Executive compensation at Insignia uses STVR (Short-Term Variable Reward) + LTVR (Long-Term Variable Reward via Performance Rights). Subject to APRA CPS 511 deferral for material risk-takers.
APRA CPS 511 Requirements
- Material risk-takers must have variable pay deferred for at least 4 years
- Malus provisions allow reduction of unvested deferred rewards
- Clawback applies in cases of material misstatement or misconduct
- Applies to RSE licensees (Insignia's super trustee businesses)
- Board retains discretion to reduce variable reward outcomes to zero
Benefits & Perks
Financial
Leave
Career & Development
- Study assistance for CFP, CA, CPA, and other professional qualifications
- Professional development budget for conferences and training
- Graduate program with structured rotation across business units
- Hybrid work: 3 days in office / 2 days WFH (standard policy)
- Employee Assistance Program (EAP) for mental health support
- Internal mobility across brands (MLC, Bridges, IOOF, Shadforth)
- Health & wellbeing allowance; flu vaccinations
Performance & Pay Progression
Annual performance cycle aligned with FY (1 Jul – 30 Jun). Goal setting in August, mid-year check-in in January, year-end assessment in July. Pay review effective October 1.
Promotion Timeline & Hike
Performance Framework
Glassdoor Ratings
Employee Sentiment
Glassdoor reviews cite constant restructuring, redundancies "based on salary level", limited career progression, and low pay relative to peers. Hybrid work and benefits are cited as positives.
Key Nuances & Insights
The $3.3B takeover at $4.80/share means Insignia will likely delist in H1 2026. All existing equity plans (Performance Rights, DSTI) will be dealt with under scheme terms. Going private under PE ownership typically means new comp structures, retention packages, and potentially more aggressive variable pay. Employees currently in LTVR programs face uncertainty about how unvested rights will be treated.
Transferring 1,300 employees (25% of headcount) to SS&C Technologies in December 2024 was unprecedented. CEO Hartley's frank admission that existing technology was 'a mess' signals the depth of underinvestment. While SS&C committed to 12-month retention, the long-term career prospects for these workers are unclear. This fundamentally changed Insignia's cost structure and employee footprint.
Operating MLC (ex-NAB), IOOF, Bridges, Shadforth, Consultum, Godfrey Pembroke, and Plum under one roof means wildly different pay scales, employment conditions, and cultures. An MLC employee doing the same work as an IOOF employee may be on a completely different package. Harmonization is years from complete, and the CC Capital acquisition may reset the effort entirely.
With only ~35% of employees recommending Insignia as an employer, a 3.2/5 overall rating (2.8/5 for comp), and reviews citing 'most toxic workplace' and retrenchments 'based on salary level', the company has deep cultural challenges. Ratings have declined during the restructuring and takeover period. This is significantly below banking peers like NAB (3.4/5) and CBA (3.6/5).
Hartley's ~A$2.8M at-target total is below AMP (~$4.5M), Challenger (~$3.5M), and even smaller platform peers Hub24 (~$3.0M). His fixed pay of A$1.3M and 0.008% ownership signal a CEO brought in specifically for a turnaround/sale, not long-term empire building. The STVR increase to 120% was a targeted retention play for the CC Capital deal.
Unlike NAB, CBA, ANZ, and Macquarie which all have tech centres in India, Vietnam, or Philippines, Insignia is almost entirely onshore Australian. The SS&C outsourcing partially addresses this by leveraging SS&C's global delivery model, but Insignia itself has no captive offshore capability. This contributed to higher costs and the 73% cost-to-income ratio before Hartley's reforms.
IOOF was a central figure in the 2018 Royal Commission into Financial Services, with ASIC pursuing action over fee-for-no-service scandals and conflicts of interest. This legacy means compensation design is more conservative and compliance-heavy than it might otherwise be. The company paid $79.2M in client remediation. Risk management KPIs now feature prominently in STVR scorecards.
Proposing to slash redundancy pay by 58 weeks — potentially making it one of the industry's lowest — while simultaneously outsourcing 25% of staff to SS&C, sends a clear message about Insignia's priorities. Combined with the CC Capital acquisition, long-term employees face a perfect storm of reduced job security, lower redundancy protections, and uncertainty about PE ownership culture.