IOOF cuts ties with over 30 advisers

Speaking to ifa, an IOOF spokesperson said 33 out of 48 planners were let go because they didn't meet certain requirements. The other 15 advisers who passed the due diligence were moved under the Consultum licence, the spokesperson said.

“We did a review of the My Adviser licence because there weren't that many authorised reps,” the spokesperson said. “We had to assess every individual planner quite thoroughly in the My Adviser group to ensure they met our minimum education standards and we had to go through quite a bit of due diligence.

“We took on the ones that passed all the requirements. To the others we said, ‘Look you're not meeting the requirements. Please find a new home’.”

The rest were moved to Consultum because the two licences share “a similar value proposition strategy,” the spokesperson said.

The My Adviser license will eventually be relinquished.

Another IOOF license set to be cancelled is Plan B, which was made up of 12 advisers and largely based in Perth. Those advisers have been moved under Shadforth because it's a more established licence and brand, the spokesperson said.

“(The two licences) had the same strategy and also the same type of audience of high net worth clients. The whole model was very similar and obviously the larger of two was Shadforth, so it just made sense to do that.

“The last piece would be to move the advisers into one location together (in downtown Perth).”

The IOOF spokesperson said there are no other “short-term” plans to cancel any more licenses. Flagship groups such as Bridges Financial Services will not be touched, the spokesperson said.