47 advisers join IOOF to boost FUMA
The advice-led nature of the IOOF business has succeeded in attracting new advisers and providing a foundation for strong fund flows, according to IOOF managing director, Christopher Kelaher.
In doing so, he pointed to 47 advisers having joined IOOF from another licensee which helped push funds under advice to $1.6 billion.
In a statement attaching to an IOOF announcement to the Australian Securities Exchange (ASX) noting positive net flows of $895 million in funds under management, administration and advice (FUMA) for the second quarter of the current financial year, Kelaher said the company had also recorded its 20th consecutive quarter of positive platform inflows.
“IOOF’s advice-led business model, best exemplified by our use of open architecture, distinguishes us from our peers,” he said. “Being advice-led attracts advisers and provides the foundation for our strong flows.”
The IOOF statement said advice flows stood at $696 million for the quarter (up 29 per cent) with total funds under advice from the 43 advisers who joined the Group from another licensee now at $1.6 billion with a further four advisers from the same licensee joining in January.
Recommended for you
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
Bravura chief executive Andrew Russell has announced he will be stepping down from the company, just under two years after his appointment.
Financial advice businesses with a younger, wealthier client base are enjoying higher valuations and increased attention from potential buyers than those with older clients.
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
