IOOF has taken a minority stake in digital superannuation provider Grow Super and announced a partnership between the two businesses.
In a statement, IOOF group general manager for wealth management Renato Mota said the company will work with Grow Super to enhance client engagement.
“We are pleased to be working with the team at Grow Super. They have a proven capability in engaging investors through a leading digital experience. Grow believe in helping people make better financial decisions,” he said.
“We believe this is entirely aligned with our focus on financial advice and look forward to exploring this space together.”
Grow Super will also work with IOOF’s licensees and advisers “to further develop a digital capacity” for engagement, the statement said.
Last week, Bell Potter analyst Lafitani Sotiriou released data showing IOOF had endured its “worst monthly losses” of advisers since the adviser loss number tracking commenced.
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