IOOF drops MAX and LifeTrack, launches IPS

IOOFyesterday launched its Portfolio Services (IPS) platform, a combination of the group’s discontinued MAX and LifeTrack brands, in response to financial adviser and investor demands in the areas of pricing and service.

“MAX and LifeTrack will cease as brands in about a months time, and with IPS we’ve taken the best aspects of both LifeTrack and the MAX platform to offer this new service,” says IOOF national portfolio services manager, Paul Forbes.

Head of retail investments, Mark Knight says the re-branding is due to “IOOF having grown in size and brand strength” over the past few years and the group wants to leverage of this stronger brand presence.

According to Forbes, IPS offers a simple fee structure through charging a one-off admin fee, including a trail which in turn is fully rebatable.

“There’s no trustee fee and there’s no expense recovery fee. It’s a very simple fee and the only other charge is that which they pay to the fund managers,” Forbes says.

“It’s a full service master fund that’s designed to pull administration out of the advisers office, whereas a wrap, while offering more choice, drives a lot more administration back in to the adviser’s office.”

IPS comprises five core products, including four retail products and one wholesale offering. The retail products include an allocated pension, personal superannuation, investments and employer superannuation, while the wholesale product is a corporate superannuation offering.