Platform overhaul for IOOF
IOOF will revamp its administrative platform for financial advisers by splitting its existing offering in half.
General manager retail funds management Jarrod Brown said that rather than introduce its own separate low cost, or ‘baby wrap’ offering, IOOF would offer new services, both simpler and more sophisticated, within its existing offering.
“It will be two tiered with two sets of infrastructure. One high functionality and one low functionality. And it will open our market up to self-managed superannuation fund opportunities as well as servicing the low cost and low functionality needs of small investors.
“We believe it will include some very clear differentiators that will see us compete instead of participate.”
Meanwhile, managing director Ron Dewhurst said last week at the group’s annual general meeting that he plans to introduce several initiatives in the 2005-06 financial year including the introduction of new products and the launch of the new platform.
The new products are being established to allow IOOF to construct a broader range of uncorrelated products to limit investment market volatility.
IOOF also feels it can play a significant part in the platform space, which is currently dominated by large financial institutions.
To help facilitate this process the group will conduct a client survey next month.
These moves follow IOOF’s revamp of its Winchcombe Carson financial planning group earlier in the year. As part of the change advisers are now remunerated on the basis of revenue generated and not product sold.
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