IOOF’s regional business managers will now support advisers and their businesses across their respective AFSL hubs, with RBMs within Peter Ornsby’s ‘Holistic’ group supporting advisers across RI Advice, Consultum and Financial Services Partners, while RBMs within Helen Blackford’s ‘Integrated’ group will work across Lonsdale and Millennium3.
The roles will remain state-based to provide on-the-ground support in Perth, Adelaide, Sydney, Melbourne and Brisbane, while each ASFL hub will also have an operations team that will work across the AFSLs in that hub.
The organisational structure of Bridges will also be changing as it shifts to focusing on providing advice rather than licensing.
The roles of PDM and alliance manager will be combined to create a new role of advice manager. The new role will manage and supervise Bridges employed financial planners and manage key alliance partnerships at a local level.
There will also now be two partnership operations managers who will own the relationships and ultimately be responsible for maintaining and growing these relationships from a group level. A standalone operations team will be created reporting directly to CEO Nathan Stanton.
The new structure is intended to be operational by 9 November.
What a joke!!
Agree adviser scrap heap
They are copying the model of a very successful business that they purposely closed down because they were becoming too successful, Elders
Elders RMs, were the best around and knew strategy, financial advice and business development, they even won a bloody compliance award
As advisers, we were encouraged by the Pommy CEO to help shape the future of the business and we felt valued
And now we have become puppets to faceless leaders that don’t give a damn
The board of IOOF and Mota should be ashamed at what they are letting the old ANZ brigade do
IOOF rationalising down to 2 groups after working out what everyone told them – that you can’t run 9 licensees profitably. They are cherry picking practices and discarding many well run smaller practices. Sounds like an AMP model to me!
You can run as many licensees as you like profitably, as long as they are generating sufficient sales of inhouse products. You can’t run any licensee with more than about 5-10 advisers profitably, if there is no cross subsidisation from inhouse product sales.
These changes are designed to standardise “advice” processes, for maximising inhouse product sales. At the moment there are too many advisers at IOOF who aren’t writing enough inhouse business, and are operating under the delusion of “our IOOF licensee has a very open APL so we can write whatever we like”. The noose is about to tighten on them.
So tell your BDMs to stop telling advisers to write IOOF platform business
Its always good to hear about these changes from IFA before we hear them from the people that are there to support us.
If you aren’t getting the “support” you think you need from IOOF, it’s likely you aren’t giving IOOF the support they need from you by way of inhouse product sales. Keep this up and pretty soon their absence of carrot will turn into presence of stick. It’s the AMP/CBA/Westpac model all over again.
Or it’s a case of advisers not willing to pay the true cost of licensing ???
Renato? Darren? is that you??
Renato? Darren is that you ??
Hopefully they chop extra MLC GM and PDM rather than the advisers
Totally agree, but i think they don’t understand the magnitude of the task
Standard IOOF procedure there now.