According to ASIC data, 21 advisers previously licensed by NAB’s Meritum Financial Group crossed over since February 2017 to IOOF’s Consultum dealer group.
Last week, IOOF chief executive Chris Kelaher told both Fairfax Media and News Corp Australia the group had recently poached 50 financial advisers, but declined to name the institution they came from.
Mr Kelaher said he expects more advisers to join, and does not want to jeopardise the opportunity by identifying the institution.
When asked by ifa, IOOF would neither confirm nor deny whether NAB is the institution.
“IOOF is an advice-led business and therefore we are always focused on attracting high-quality advisers to our network,” Mr Kelaher told ifa.
“Advisers value our multi-brand and open architecture approach which provides choice and easy access to a broad range of financial solutions. Attracting advisers to IOOF supports our organic growth, as highlighted through our strong third-quarter flow, where we attracted inflows of $998 million.”
ASIC data shows IOOF has 1,007 advisers within its network.
ifa reported in February that IOOF was seeing a historically high number of advisers fleeing rival institutions, believing a focus on product over advice to be a trigger factor.
“Our pipeline is stronger than it’s ever been in terms of new advisers,” IOOF group general manager, wealth management, Renato Mota told ifa at the time.
IOOF are using the Trump strategy……say it enough times and people might believe you.
IOOF offering an open architecture structure to planners – RUBBISH!
same management involved years ago when same planners exited the CBA for greener pastures at Navigator, then they where bought by Nab / MLC then again on flock they move again to IooF dig a little deeper guys for a good story
the grass is no greener at IOOF; any planner thinking of joining may want to talk to a few self-employed Lonsdale or Bridges planners
On the money here. It is indeed NAB
The Portfolio Service merged with IOOF Pursuit in June 2016. IOOF adviser (Bridges and other dealer groups under IOOF) can use IOOF Pursuit or CFS Wrap. That is the open architecture they are referring to.
There’s no breach of the best interest duty if you are a Bridges client. You have to use portfolio serivce even though IOOF have better platforms. At the end of the day the big corporate wins
IOOF takes a share of all income generated from all platforms; open architecture is nonsense.
Open architecture ? Factually incorrect. Advisers are forced to use aligned platforms and products and groups are remunerated for pushing clients into those solutions across all IOOF brands