Former FPA boss joins fintech group Intiger Asset Management
Mark Rantall, the former chief executive of the Financial Planning Association of Australia, has emerged as the new non-executive chairman of fintech group Intiger Asset Management, which is eyeing a listing on the Australian Securities Exchange.
As first revealed by Street Talk, Mr Rantall, who exited the FPA in February, said he left with the “clear objective of taking on non-executive director roles”. He took on the chairman role after a recommendation by fellow adviser Patrick Canion, of ipac WA.
Intiger is a fintech group seeking to slash operating costs for advisers and help them compete more efficiently with robo-advice, which is threatening traditional advice models by providing financial plans based on algorithms and technology. The company is eyeing a backdoor listing on the ASX through a reverse takeover of rare earth and uranium exporter Star Striker Ltd, at 2¢ a share.
“Only one in five Australians are getting advice, what’s important is for more Australians to get advice they can trust and is in their best interest,” Mr Rantall said.
“It’s just not possible and it wouldn’t be appropriate to hold back on technology advances – so what we’re talking about here is digitised and efficiency gains through tech,” he said about Intiger.
Intiger claims it can reduce operating costs of financial planning practices 40 per cent, mainly by cutting the expense of creating statements of advice from $285 to $315, to just $49, as well as reducing the turnaround time from up to a week to one day.
The company is eyeing a $2.4 million raising, but chief executive Mark Fisher said indicative interest had exceeded the amount. “We’re hoping it [the listing] will be completed in the next six weeks,” Mr Fisher said.
Intiger has secured the services of adviser Pitcher Partners and Lavan Legal for the transaction.