IOOF completes Evolve phase two migration
IOOF has completed its second phase of consolidation, moving 55,000 clients and $17.5 billion in funds under management from its legacy platforms onto its proprietary superannuation and investments technology platform, Evolve.
In June, IOOF completed its first phase of consolidation, migrating 38,827 client accounts and approximately $5 billion in funds under administration (FUA).
The latest migration saw the transitioned clients gain access to improved features, while 61% of clients transitioned in this migration received a reduction in their existing competitive fee arrangements.
According to IOOF chief distribution officer, Mark Oliver, the migration was a significant milestone for advisers and their clients, taking the total number of client accounts now on the Evolve platform to over 275,000, with approximately $41 billion in FUA.
“This migration sees us complete the consolidation from two platforms to one go-forward ecosystem, providing clients with access to leading edge technology that is intuitive and simple to use, supporting business efficiency for advisers while enabling better outcomes for their clients,” said Oliver.
This second phase of the Evolve migration introduced new features to the platform including enhanced functionality for online advice-fee renewals, company account structures for investor directed portfolio services (IDPS) accounts, adviser activity dashboard, At Limit trades and the use of DocuSign for non-binding and binding non-lapsing beneficiary nominations.
“We designed Evolve so it could adapt to the changing needs of advisers and their clients,” Oliver said.
“This latest migration and the introduction of new features demonstrates this is something we will continue to deliver on.
“Listening to advisers, understanding their needs and the needs of their clients remains integral to Evolve continuing to reduce complexity, create efficiencies and deliver a high-quality user experience.”
IOOF said it would continue to develop its product simplification roadmap including consolidating the platforms and products acquired as part of the MLC and ANZ pensions and investments transactions.
AUTHOR
Liam Cormican
Recommended for you
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
Betashares has named the top Australian suburbs with the highest spare cash flow, shining a light on where financial advisers could eye out potential clients.
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
