Two Western Australian financial planning practices have joined the IOOF Advice Division.
The practices will join IOOF via its Wealth Managers Licence. The two practices are Kings Park Securities, based in Perth and operated by Warren Killen; and Coastal Wealth management, based in Geraldton and run by Allan Rose and Craig Woodman.
Both practices were formerly under the Financial Services Partners umbrella and have a combined funds under management of $400 million.
"What has attracted us to the IOOF Advice licence is their strong compliance systems, the quality of the in-house research team, their understanding of direct equities and trading capabilities through Bridges Stockbroking, together with better access to estate planning support," said Killen.
IOOF Advice Division head Michael Carter said the impending Future of Financial Advice environment would result in more practices moving to realign with dealer groups with strong infrastructure and additional service offerings.
Over 650 financial planners operate under IOOF.
