IOOF adviser exits reflected in outflows
IOOF has acknowledged the outflow of $1.4 billion from it financial advice businesses owed in large measure to the exit of self-employed advisers.
In an update released to the Australian Securities Exchange (ASX) today, IOOF pointed to outflows of $2.1 billion from 53 advisers departing IOOF’s self-employed advice businesses “as envisaged under IOOF’s Advice 2.0 program”.
“As flagged at our half-year results, IOOF expect approximately 140 advisers will exit the business as part of its plans to improve the quality and sustainability of the self-employed advice model,” the update said.’
It then said that inflows of $0.7 billion had been achieved from new self-employed advisers joining IOOF licensees and organic flows.
Commenting, IOOF chief executive, Renato Mota said that the company was transforming towards a sustainable long-term advice model.
Recommended for you
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
BT has kicked off its second annual Career Pathways Program in partnership with Striver, almost doubling its intake from the inaugural program last year.
Kaplan has launched a six-week intensive program to start in January, targeting advisers who are unlikely to meet the education deadline but intend to return to the profession once they do.
