IOOF Limited has outlined a reduction in the number of advice businesses operating under its banner from five to two, along with Bridges being transformed to a fully salaried network.
The company did so at the same time as announcing its full-year results with a statutory net profit after tax of $147 million and funds under management increasing 46% $202.3 billion.
Under the heading of Australian Financial Services License sustainability the company said that the Bridges network would be transformed to a fully salaried network, that buyer of last resort (BOLR) arrangements would be acquired at market rates, and the closure of FSP, Executive Wealth Management and Actuate.
It said that advisers working with the FSP Executive Wealth Management and Actuate licenses would be supported to transition into their choice of IOOF licensees.
