Axa overhauls its platforms

Streamlining functionality with North

By Darin Tyson-Chan
Fri 12 Mar 2010

Axa is consolidating the operational aspect of its platform products.

Axa Australia is in the process of re-engineering its suite of platform offerings in a bid to standardise the efficiency of each product.

The move means Axa's existing Generations (run by iPac) and Summit products will be modified so the technology base used to run them will be the same as that being used to operate the organisation's North product.

In addition, changes will be made to North that will give clients access to a new cash facility and direct shares and give individuals the choice of using it as a full wrap solution or a light wrap product, which would resemble its current format.

The new arrangement will see all three platform products powered by Wealth.net technology, which means they will also operate under one trust deed.

"Why is the trust deed so important? If you move from one trust deed to another in superannuation that can trigger a CGT (capital gains tax) event. What we want to do is merge the super funds so that portability between all these products is greatly enhanced," Axa general manager platforms Steve Burgess said.

He said the amendments will improve efficiency for advisers using these products.

"The changes mean we'll be quicker to market on important regulation developments ... advisers will also notice a far better web and online experience and they'll notice far better straight-through processing," Burgess said.

Axa has not decided whether or not to discontinue with new sales to the Generations and Summit offerings once the overhaul has been done.

However, with the consistency in technology being used, these products will not be converted into legacy products for existing clients.

The process is anticipated to be completed by 2012.

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