IOOF becomes FPA principal member
Advisers attending IOOF Investment Management professional development days and technical training sessions will be eligible to receive continuing and professional development (CPD) points following the company’s acceptance as a principal member of the Financial Planning Association (FPA).
IOOF general manager, retail funds management, Jarrod Brown said training previously provided by the company was not recognised for CPD points.
“[The principal membership] helps in terms of continuing education for both staff and advisers that attend our PD [professional development] days,” he said.
Brown said in addition to accreditation of CPD points, the principal membership meant individuals within IOOF would be able to attain Certified Financial Planner (CFP) status as employees of a principal member of the FPA.
He said the principal membership was consistent with the company’s moves to advance its reputation and formalise processes for following the FPA code of ethics when providing advice.
Late last year, IOOF dealer group Winchcombe Carson moved to eliminate conflicts of interest from its remuneration model, consistent with FPA requirements, by removing incentives that biased advisers to recommend IOOF products.
At that time, the group also introduced a reward system under which its top 25 advisers by revenue generation receive equity in IOOF.
The group is also in the process of splitting its platform to provide one high functionality service and one lower functionality service within its existing platform offering.
Brown said work towards completion of the split was progressing well, and the two-tiered offering would be released soon.
He expects the split platform will open the market up for IOOF to service self-managed superannuation funds as well as the low cost and low functionality needs of small investors.
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