IOOF’s strong advice-led result

IOOF/full-year-results/net-profit/

8 August 2017
| By Mike |
image
image
expand image

IOOF Holdings has announced an underlying net profit after tax of $169.4 million on the back of what it describes as consistent execution of an advice-led strategy.

The strength of the result was underscored by the company’s revelation of a 156 per cent increase in net inflows to $4.6 billion over the period and an additional $976 million from 33 new advisers.

The result to the board delivered a final proposed fully franked dividend of 27 cents per share.

Commenting on the result, IOOF managing director, Christopher Kelaher said the company had derived positive momentum across each of its businesses from its advice-led strategy.

“Our multi-brand model and unique open architecture makes IOOF an extremely attractive alternative for advisers looking to partner with a non-bank aligned dealer group,” he said. “In addition, we have delivered on implementation of strategic initiatives including ClientFirst and the IOOF Advice Academy ensuring we are providing the level of service that often exceeds advisers’ and their clients’ expectations.”

Looking over the horizon, Kelaher said IOOF was well positioned to deliver positive long-term outcomes for its advisers, their clients and its shareholders.

“As the industry continues to consolidate, there is ample opportunity for acquisitive growth to augment our significant organic growth momentum,” he said. 

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?...

2 months 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 3 weeks ago

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

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 4 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 2 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND