- The departure of 53 financial advisers from IOOF’s (IFL) financial advice arm has cost the ASX200 lister some $2.1 billion in outflows
- The hefty hit is in the name of its Advice 2.0 programme, which is set to see approximately 140 advisers exit the business in a bid to “improve the quality and sustainability of the self-employed advice mode”
- Overall, outflows reached $1.4 billion over the interim compared to $162 million in net outflows on the prior corresponding period
- IOOF’s funds under management position came as some respite, up $1.5 billion to $203.9 billion at the mercy of favourable market conditions
- IOOF shares are trading 0.28 per cent lower at $3.58
The departure of 53 financial advisers from IOOF’s (IFL) financial advice arm has cost the ASX200 lister some $2.1 billion in outflows.
The company’s March quarterly report revealed outflows reached $1.4 billion over the interim compared to $162 million in net outflows on the prior corresponding period.
The hefty hit is in the name of its Advice 2.0 programme, which is set to see approximately 140 advisers exit the business in a bid to “improve the quality and sustainability of the self-employed advice mode.”
These outflows also exclude some $1 billion in outflows stemming from 14 advisers making the switch from IOOF Aligned Licenses to utilising IOOF Alliances services.
IOOF’s funds under management position came as some respite, which was up $1.5 billion to $203.9 billion at the mercy of favourable market conditions.
The portfolio & estate administration faction also upped its inflows, bringing in $267 million net inflows compared to $180 million achieved in the prior corresponding period.
In other news, IOOF is also gearing up for its acquisition of superannuation and insurance provider MLC, which is waiting on Australian Prudential Regulation Authority Approval.
According to IOOF, the buy is set to be completed by June 30 this year.
IOOF shares are trading 0.28 per cent lower at $3.58 at 11:58 am AEST.