IOOF consolidates platforms reduces some fees

First it was BT with its consolidation of clients onto the Panorama platform and now IOOF has announced another step in  its own platform consolidation program to Evolve.

However, the company has yet to consolidate the platforms and products it picked up as a result of the MLC Wealth acquisition and the ANZ Pensions and Investments transaction.

The company announced today that it had completed the consolidation involving $17.5 billion in funds under management and 55,000 clients moving onto the platform over one weekend and with platform hosting $41 billion and 275,000 clients.

IOOF chief distribution officer, Mark Oliver said the migration saw IOOF complete the consolidation from two platforms to one go-forward ecyosystem.

“While the Evolve platform delivers an enhanced client and adviser experience, it also demonstrates how IOOF’s transformation strategy aims to improve value for clients through scale and simplification,” he said.

Oliver said the latest Evolve21 migration will see the transitioned clients gain access to improved features, “while 61% of clients transitioned in this migration will receive a reduction in their existing competitive fee arrangements”.

:This second phase of the Evolve21 migration also sees new features introduced to the platform including enhanced functionality for online advice-fee renewals, company account structures for IDPS accounts, adviser activity dashboard, At Limit trades and the use of DocuSign for non-binding and binding non-lapsing beneficiary nominations.”

“We designed Evolve so it could adapt to the changing needs of advisers and their clients. This latest migration and the introduction of new features demonstrates this is something we will continue to deliver on.”

“Listening to advisers, understanding their needs and the needs of their clients remains integral to Evolve continuing to reduce complexity, create efficiencies and deliver a high-quality user experience,” said Mr Oliver.