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IOOF restructures for 'changed' IFA market

IOOF has announced it is restructuring its distribution team as it looks to align to the ‘changing’ independent financial adviser market and post-FOFA growth.
Under the changes, IOOF will hire a head of specialist sales responsible for investment, self-managed and tax-effective products.
IOOF general manager for distribution, Renato Mota, said the restructure will allow the group to better align to growth opportunities in the post-FOFA environment.
“It is clear that the nature of the IFA space has changed as a result of FOFA,” Mr Mota said.
“Our changes are designed to create more specialised offerings to cater for both small self-licensed advice practices as well as larger, corporatised independent dealers.”
“At the same time, significant growth in our specialist solutions has resulted in greater focus in crating tailored offers for strategic advice needs.
The IOOF platform product sales team will continue under the leadership of Geoff Kellet, while the group’s self-licensed offer, IOOF Alliances, will remain the responsibility of Craig Joscelyne.
IOOF noted that there have been no related departures in the IOOF sales team.