Insignia Financial
ASX:IFLWealth management and superannuation. Brands include MLC.
Reported Offshore Headcount
59+
reported 17 Jul 2026, Software firm SS&C Technologies announces major restructure that will ...
Estimated % of Workforce
N/A
Destination Countries
3,770 of 3,774 employees in Australia. 4 in US. 96% of supplier spend with Australian businesses. No offshore shared services or BPO.
Financial Context
Market Cap
$1.6B
Revenue
$1.6B
Net Profit
$16M
Estimated Wage Differential
~$5M/yr
Illustrative wage differential: if the 59+ reported offshore roles were instead employed in Australia at average local rates, the additional cost could be in the order of ~$5M/yr (~31.3% of reported net profit). This is an estimate based on industry averages, not company-specific data.
Would this company be profitable without offshoring?
Every dollar paid offshore leaves the Australian economy, reducing local wages, tax receipts, and economic circulation. Why it matters
Financial data: FY2025. Estimate uses avg AU employment cost of $110,000+/yr (incl. super and on-costs) vs offshore $25,000/yr (salary + on-costs). Actual figures vary by role, seniority, and location.
In Plain English
- In 2026, Insignia Financial was reported to have 59+ offshore contractors and staff.
- 🇵🇭 59+ staff reported in Philippines in Back Office.
- 59 Australian jobs have been cut.
Based on data from public sources at the dates reported. Figures may not reflect current headcount. See sources below for full attribution.
The Story
- July 2026Insignia Financial is cutting 59 roles from its Shadforth and Bridges financial advice businesses, with the work going to the Philippines. The Finance Sector Union held urgent consultation meetings on 15-17 July with the consultation window closing 21 July, and has lodged a dispute against Insignia, flagging escalation to the Fair Work Commission if it is not resolved. The cuts were announced alongside a much larger restructure at SS&C Technologies, which is making 170 Australian Operations, Technology and Delivery roles redundant and moving that work to Thailand and India. FSU National President Wendy Streets: "Offshoring is a cancer that continues to spread across the entire Australian finance sector." [Finance Sector Union]
All facts sourced from public reporting. No editorial commentary. Click source links to verify.
Department Breakdown
| Department | Country | Headcount | Confidence |
|---|---|---|---|
| Back Office | 🇵🇭 Philippines | 59 | Confirmed |
Layoff Events
| Date | Headcount | Location | Department | Notes |
|---|---|---|---|---|
| 17 Jul 2026 | 59 | Australia | back_office | Insignia Financial is cutting 59 roles from its Shadforth and Bridges advice businesses, with the work going to the Philippines. The FSU has lodged a dispute and flagged escalation to the Fair Work Commission. |
Other Financial Services Companies That Offshore
Other companies in financial services with reported offshore operations.
| Company | ASX | Reported Offshore | Offshore Destinations |
|---|---|---|---|
| AMP | AMP | 1,000+ | 🇨🇳 China |
| Netwealth Group | NWL | 204+ | 🇻🇳 Vietnam |
| KPMG Australia | 200+ | 🇵🇭 Philippines | |
| ASX | ASX | 100+ | 🇮🇳 India |
What Public Sources Say
All information below is sourced from publicly available documents and reporting. Excerpts are direct quotes. Click source links to verify.
“The FSU secured a 12-month moratorium on job losses at SS&C Technologies; as soon as it expired the company told staff 170 roles across Operations, Technology and Delivery would be made redundant. The FSU understands all the jobs in the initial round of redundancies will be performed at SS&C's Thai and Indian operations, and that remaining Australian staff face a selection process determining who stays and who is in line for future redundancies. Insignia Financial's Shadforth and Bridges financial advice business will also axe 59 staff, with their jobs going to the Philippines. The union has lodged a dispute with SS&C and Insignia Financial and will escalate it to the Fair Work Commission if needed. FSU National President Wendy Streets: "Offshoring is a cancer that continues to spread across the entire Australian finance sector," and "SS&C Technologies, headquartered in business tax friendly Connecticut, is just the latest company to sell out its Australian workforce."”
“The FSU advised members that Insignia Financial had announced "a series of significant restructures across its Shadforth and Bridges Advice business", holding urgent consultation meetings on 15-17 July 2026 with the consultation period closing on 21 July 2026. The union told management it must "consult with us about the introduction of the proposed changes" and "consider our feedback, including any alternatives or suggestions we put forward".”
Additional Sources
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This list is not complete, and never will be
If a company isn't listed here, that doesn't mean it doesn't offshore. And every number is the lowest we can prove, so the real figures can often be higher.
Read whyShow less
This list is not complete, and never will be
If a company isn't listed here, that doesn't mean it doesn't offshore. And every number is the lowest we can prove, so the real figures can often be higher.
This started as an ASX 200 project and mostly still is. It has widened as stories landed from outside that list, so it now also covers employers that aren't ASX-listed, like Canva, Allianz Australia, SS&C and Crown Resorts, along with government departments and agencies. Companies get added when something surfaces about them, not by working through a list in order.
Australian companies are under no obligation to disclose where their work is done, and there is no register of offshored jobs. Everything here comes from something that surfaced publicly: an annual report, a modern slavery statement, a news article, a union statement, a government contract, or a tip from someone who was there.
So an absence usually means nobody has reported on that company and we haven't got to it yet, not that it keeps its work onshore. Some of the biggest offshorers say nothing at all. And because each figure counts only what a source actually stated, the real numbers can often run higher, sometimes much higher.
Every figure links to the source it came from, so you can judge it yourself rather than take our word for it. If you know something that is missing or wrong, tell us. Corrections are published, not quietly buried.
This profile reflects public information at the time of publication and may not match current operations. Is something wrong or missing about Insignia Financial? Submit a correction. We welcome input from companies, employees, and researchers.