IOOF has completed the first phase of its consolidation of its legacy platform and products onto new proprietary super and investments platform Evolve.
Over the weekend, it migrated 38,827 client accounts and approximately $5 billion in funds under administration (FUA), which resulted in 200,000 client accounts and $20 billion FUA on the new platform.
The second phase due to be completed by the end of the year, where it was estimated 260,000 client accounts would be on the new platform with over $40 billion in FUA.
Mark Oliver, IOOF chief distribution officer said, 42% of clients migrated onto the Evolve platform received fee reductions.
“It is pleasing that there was a seamless transition over the course of one weekend, with more than 3,200 advisers up and running with minimal disruption to their business,” Oliver said.
“We are committed to better supporting advisers and their clients and delivering an enhanced client and adviser experience.”