IOOF completes Evolve phase one migration

IOOF/Mark-Oliver/

17 June 2021
| By Chris Dastoor |
image
image
expand image

IOOF has completed the first phase of its consolidation of its legacy platform and products onto new proprietary super and investments platform Evolve.

Over the weekend, it migrated 38,827 client accounts and approximately $5 billion in funds under administration (FUA), which resulted in 200,000 client accounts and $20 billion FUA on the new platform.

The second phase due to be completed by the end of the year, where it was estimated 260,000 client accounts would be on the new platform with over $40 billion in FUA.

Mark Oliver, IOOF chief distribution officer said, 42% of clients migrated onto the Evolve platform received fee reductions.

“It is pleasing that there was a seamless transition over the course of one weekend, with more than 3,200 advisers up and running with minimal disruption to their business,” Oliver said.

“We are committed to better supporting advisers and their clients and delivering an enhanced client and adviser experience.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

3 weeks 6 days ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 5 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 4 days ago

TOP PERFORMING FUNDS