Former IOOF-aligned advisers flock to other dealer groups

The bulk of advisers who were dropped after IOOF cancelled the My Adviser licence last year have re-emerged at some well-known dealer groups. 

ASIC records show at least 12 former My Adviser reps have ended up at non-aligned MyPlanner, where former My Adviser managing director Philippa Sheehan is now in charge.

Ms Sheehan left My Adviser in July 2014 before taking up the role of managing director at MyPlanner in November 2014.

Speaking to ifa, Ms Sheehan said she brought those ex-advisers in because they met the dealer group's requirements.

"MyPlanner is really looking for planners who focus on a number of things including commitment to best practice, commitment to objective-based advice with no product ties, [and] a commitment to change as the industry continues to evolve," she said.

"If planners can meet these requirements, [then] we continue to wish to discuss our licensing options with them."

Meanwhile, Australian Unity Personal Financial Services took on at least four former My Adviser reps.

The Suncorp-aligned Guardian Advice dealer group picked up at least one, while another went with Synchron and another with non-aligned Australasia Wealth Services and Management.

Those planners departed My Adviser in late September 2014 – around the same time IOOF began winding up the licensee as part of a consolidation move.

ifa reported in July that IOOF had cut ties with 33 out of 48 planners licensed under My Adviser. The other 15 advisers were moved under the Consultum Financial Advisers licence.

In addition, 12 advisers under Plan B were moved to Shadforth Financial Group.

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