IOOF signs Lonsec for research
By Ben Abbott
IOOFsubsidiaryAustralian Financial Planning Network(AFPN) has signed an agreement with Lonsec to provide the group with its complete research and stockbroking offering.
As a result of the deal, AFPN, a provider of backoffice services and solutions, will have access to Lonsec services including research on listed equities, managed funds research, agribusiness research, property syndicate and listed income securities research, with a full-service stockbroking solution also being made available to AFPN.
The group will distribute the new services to about 240 advisers including those of the Winchcombe Carson Financial Planning dealer group.
IOOF head of dealerships and alliances Scott Monotti says the group opted for Lonsec because of both the suitability of the research for its planners and its ability to integrate with Xplan financial planning software.
“A lot of our advisers are either using Xplan or are in the process of having it rolled out to them. We wanted a seamless solution that would allow advisers to have one application for the whole financial advice process and that would marry well with Xplan,” Monotti says.
He adds that the group had not severed an existing research relationship, but instead wanted to expand the research services that were available to its advisers.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
