IOOF launches new dealer group brand
The IOOF-owned dealer groups of Winchcombe Carson and Financial Partnership have been amalgamated to form a new brand called Consultum Financial Advisers.
The new brand will be introduced to the market in October and comes after IOOF purchased the remaining 75 per cent of equity in Financial Partners in June this year.
Head of Consultum Stuart Abley said: “Consultum, which is Latin for ‘advice’, neatly encapsulates the dedicated advice-based service offering the new group will provide to advisers and their clients.”
Along with the name change and new logo will come new initiatives, including an equity participation scheme for advisers and a greater focus on lifestage based financial planning.
Advisers belonging to Consultum will be rewarded based on business revenue rather than product sales, with the top 30 per cent of advisers being eligible for a share of equity in the dealer group each year.
The focus on lifestage planning is an approach to advice for clients Consultum has specifically targeted.
“That is something new. We weren’t really dedicated to focusing on all aspects around lifestage financial planning. When you look at the journey a client has throughout their lifecycle, and you look at all the services a client needs at different times throughout their life, it enables the group to factor in other services apart from investment planning and superannuation, and also allows us to provide risk insurance, finance, and other services that weren’t necessarily being provided before,” Abley explained.
The new dealer group has also enhanced the back-office support services available for its planner network.
“We’ve created several other services that we didn’t have before. For example, we have an enhanced business improvement program, which helps advisers through an end-to-end process that assists them to generate more profitability in their businesses. We also used to have a research team of two people, but now we have a research team and a fully functional web portal tool provided by Standard & Poor’s,” Abley said.
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