In one weekend, 38,287 client accounts and $5 billion funds under FUA were successfully moved onto the platform, increasing the total to over 200,000 accounts and $20 billion FUA respectively, IOOF said.
“We’ve drawn on our extensive experience in the financial advice industry to develop a platform that is future fit, intuitive and simple to use and importantly, progresses IOOF’s transformation strategy, including reducing the cost-to-serve,” IOOF chief distribution officer Mark Oliver said.
“By way of example, 42 per cent of clients migrated onto the Evolve platform received fee reductions.
“It is pleasing that there was a seamless transition over the course of one weekend, with more than 3,200 advisers up and running with minimal disruption to their business.
“We are committed to better supporting advisers and their clients and delivering an enhanced client and adviser experience.”
Announced late last year, the Evolve platform “offers tools, shortcuts and data views to take the complexity and effort out of administration and reporting”.
“As the technology is developed in-house, we have the flexibility to continue to upgrade Evolve’s functionality, in an efficient and timely manner, to adapt to the changing needs of advisers, their clients, as well as the ongoing transformation of the wealth management industry,” Mr Oliver said.
“The transformation we are undertaking is creating a better IOOF for advisers and their clients. We are focused on supporting the development of client end-to-end life stage relationships by investing in new technologies, like Evolve, to reduce complexity, create efficiencies and deliver a high-quality user experience.
“I am confident that advisers and clients alike will value this innovation.”
The second phase of the Evolve migration, set to be completed by the end of the year, is estimated to boast over 260,000 client accounts and more than $40 billon in FUA.
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what a great time of year to it.
A transaction freeze ending with 2 weeks left of the financial year!
Trying to organise last minute deductible contributions and funding of them.
Its been fund
So apparently 42% of the clients migrated over the weekend are now receiving fee reductions …. does that mean the other 58% have received fee increases or has the fee status quo remained for this group?
Also, has there been a change/increase to the cash fund MER as these fee savings have previously been claimed before?