IOOF names advice CEOs

As part of the group’s Advice 2.0 overhaul, IOOF’s self-employed aligned adviser brands have been reorganised into two core groups, each with a new chief.

Millenium3 CEO Helen Blackford will head IOOF’s integrated advice businesses, which specialised in third-party services such as accounting, insurance brokers or external AFSLs. The integrated group houses Lonsdale, Millenium3 and IOOF Alliances.

Meanwhile, RI Advice CEO Peter Ornsby will be chief of the second group centred around holistic advice, holding RI Advice and Consultum Financial Advisers.

CEOs Terry Dillon and Nathan Stanton will continue to lead Shadforth Financial Group and Bridges, respectively.

Bridges has been converted to a fully salaried network, with a focus on scaled partner institutions (credit unions and customer owned banks).

Meanwhile, the FSP brand in addition to the Executive Wealth Management and Actuate licences has been shuttered.

As IOOF released its full-year results on Monday, it also indicated it had acquired Wealth Central, a proprietary advice and client engagement technology platform.

IOOF CEO Renato Mota said the Advice 2.0 initiative is the group’s “strategic response” to the fluctuating advice industry.

“In this new era, Advice 2.0 will deliver a step-change in the quality and affordability of advice and construct a sustainable long-term advice model,” Mr Mota said.

“The acquisition of Wealth Central is an important piece in the Advice 2.0 puzzle to achieve this. This is differentiating technology that IOOF now owns exclusively, for the benefit of our adviser network.

“It will significantly improve and streamline the client experience, meaning less time is spent collecting data and more time is spent on creating a plan to help the client achieve their financial goals. It also reinforces our commitment to continue to innovate in the space and build new advice delivery methods.”

He added that the COVID crisis has reinforced the importance of creating an accessible environment allowing Australians to gain quality advice.

Chief advice officer Darren Whereat commented that the advice restructure will ensure AFSL sustainability.

“The AFSL landscape is changing,” Mr Whereat said.

“We have continued to adapt and invest so that we are well positioned to deliver compelling propositions to advisers within the employed, self-employed and self-licensed segments, as we support them to create greater efficiencies and more sustainable business models.”