Advice and distribution grow for IOOF
IOOF has recorded strong inflows in the first quarter of 2013, with the contribution from its advice and platform segments increasing over the last few months.
The financial services firm announced its funds under management, advice, administration and supervision (FUMAS) was $120.9 billion as at 31 March 2013, which compares to the $116.4 billion figure from December 2012.
“Positive funds flow of $130 million in the advice segment included a significant contribution from DKN-badged products,” the company sated.
IOOF’s financial advice segment now has more than $30 billion under management – a figure which has steadily grown since June 2012.
Net inflows to the platforms were $102 million for the quarter.
“This was assisted by improved retention in Global One and transition platforms, which are largely closed to new investors, and positive early traction in providing administration services in the self-managed superannuation market,” IOOF stated.
The company’s platform segment now has more than $28 billion under management, while investment management and funds under supervision are at $30.4 billion and $32.7 billion respectively.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.