IOOF appoints advice CEOs
IOOF has appointed two chief executives to lead its reorganised aligned adviser businesses and has acquired Wealth Central as part of its ‘Advice 2.0 transformation strategy’.
IOOF said its self-employed aligned adviser brands had been organised into two core groups and had appointed Millenium3 chief executive Helen Blackford to lead Lonsdale, Millennium3 and IOOF Alliances, and RI Advice chief executive Peter Ornsby to lead RI Advice and Consultum Financial Advisers.
Terry Dillon and Nathan Stanton would continue to lead Shadforth Financial Group and Bridges respectively.
The acquisition of technology platform Wealth Central aimed to streamline the advice process and increase the productivity of face-to-face engagement.
IOOF said the tool simplified the data collection process for clients and advisers, and provided clients with greater transparency through the advice process as well as giving them the ability to engage with their adviser digitally.
IOOF chief executive, Renato Mota, said: “Advice 2.0 is our strategic response to both our transformation and that of the financial advice industry and it defines a new era. In this new era, Advice 2.0 will deliver a step-change in the quality and affordability of advice and construct a sustainable long-term advice model.
“The acquisition of Wealth Central is an important piece in the Advice 2.0 puzzle to achieve this. This is differentiating technology that IOOF now owns exclusively, for the benefit of our adviser network.
“It will significantly improve and streamline the client experience, meaning less time is spent collecting data and more time is spent on creating a plan to help the client achieve their financial goals. It also reinforces our commitment to continue to innovate in the space and build new advice delivery methods.”
The firm’s transformation strategy also included:
- Reorganisation of self-employed aligned adviser brands into two core groups, along the segmentation of integrated advice businesses (Lonsdale, Millennium3, IOOF Alliances) and the second grouping of RI Advice and Consultum;
- Bridges advice network converted to a fully salaried network with a continued focus being on scaled partner institutions (credit unions and customer owned banks) as they provide financial planning services for their clients; and
- Consolidation of licensees via the closure of closure of FSP, Executive Wealth Management and Actuate licences, with support to be provided for the transition of advice practices into their choice of IOOF’s licensees.
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
