IOOF drops MAX and LifeTrack, launches IPS
IOOFyesterday launched its Portfolio Services (IPS) platform, a combination of the group’s discontinued MAX and LifeTrack brands, in response to financial adviser and investor demands in the areas of pricing and service.
“MAX and LifeTrack will cease as brands in about a months time, and with IPS we’ve taken the best aspects of both LifeTrack and the MAX platform to offer this new service,” says IOOF national portfolio services manager, Paul Forbes.
Head of retail investments, Mark Knight says the re-branding is due to “IOOF having grown in size and brand strength” over the past few years and the group wants to leverage of this stronger brand presence.
According to Forbes, IPS offers a simple fee structure through charging a one-off admin fee, including a trail which in turn is fully rebatable.
“There’s no trustee fee and there’s no expense recovery fee. It’s a very simple fee and the only other charge is that which they pay to the fund managers,” Forbes says.
“It’s a full service master fund that’s designed to pull administration out of the advisers office, whereas a wrap, while offering more choice, drives a lot more administration back in to the adviser’s office.”
IPS comprises five core products, including four retail products and one wholesale offering. The retail products include an allocated pension, personal superannuation, investments and employer superannuation, while the wholesale product is a corporate superannuation offering.
Recommended for you
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
