IOOF completes Evolve phase one migration
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.”
AUTHOR
Chris Dastoor
Recommended for you
Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end, with one bidder opting to pull out.
The corporate regulator has cancelled the AFSL of a Queensland-based financial services provider, having held the licence since mid-2016.
The financial advice industry has reacted to the appointment of Dr Daniel Mulino as the new Minister for Financial Services, with hopes for improvements in legislation and education standards.
With less than one-third of Australian business owners seeing an adviser, Business Health has detailed how advice practices can successfully target this underserved client segment.
