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Advisers flock to IOOF

Advisers flock to IOOF

More than 40 financial advisers joined IOOF in the 12 months to 31 December 2017, adding $1.6 billion in funds under advice. 

In an update provided to the ASX outlining the group's funds under management, administration, advice and supervision, IOOF placed its total FUMA at $120 billion as at the close of 2017. Funds under supervision totaled $34.6 billion. 

IOOF attributed $1.6 billion of this to the 43 advisers that joined the group from another licensee, though did not name the other dealer group. 

A further four advisers transferred to IOOF this month from the same licensee, bringing the total number of advisers transitioned to 47. A spokesperson for IOOF also confirmed that a further three advisers have committed to transitioning. 

"IOOF's advice-led business model, best exemplified by our use of open architecture, distinguishes us from our peers. Being advice-led attracts new advisers and provides the foundation for our strong flows," IOOF managing director, Christopher Kelaher said. 

"Our Advice Academy remains fully subscribed and shows our commitment to improving the quality of financial advice for all Australians." 

In the second quarter of the 2018 financial year, IOOF achieved positive net flows of $895 million in FUMA - an increase of 70% compared to the previous corresponding period. 

Even greater growth is expected for IOOF when it takes over ANZ Wealth's pension and investments business and four aligned dealer groups. 

As announced in October 2017, IOOF acquired the assets for $975 million. Dealer groups RI Advice, Millennium3, Financial Services Partners and Elders Financial Planning were all included in the deal, comprising 717 advisers and $19.5 billion in funds under advice. 

The acquisition is expected to position IOOF as the second largest advice business in Australia by both FUA and number of advisers.

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