Financial Planning IOOF completes phase one of platform consolidationBY KARREN VERGARA | WEDNESDAY, 16 JUN 2021 12:31PM
IOOF Holdings has completed the first phase of consolidating its legacy platforms and products onto Evolve, its new super and investments platform.The project saw 38,827 client accounts and about $5 billion funds under administration (FUA) being migrated onto Evolve.
Evolve houses IOOF Essential, which is for multi-manager funds, and eXpand, which allows financial advisers to custom-build portfolios.IOOF chief distribution officer Mark Oliver said some 42% of clients migrated onto the Evolve platform received fee reductions.
"We've drawn on our extensive experience in the financial advice industry to develop a platform that is future fit, intuitive and simple to use and importantly, progresses IOOF's transformation strategy, including reducing the cost-to-serve," he said.Overall, Evolve now has more than 200,000 client accounts and $20 billion FUA.
The second phase of the migration is expected to be completed by the end of 2021.By that time, the platform will have over 260,000 client accounts and over $40 billion in FUA."The transformation we are undertaking is creating a better IOOF for advisers and their clients," Oliver said."We are focussed on supporting the development of client end-to-end life stage relationships by investing in new technologies, like Evolve, to reduce complexity, create efficiencies and deliver a high-quality user experience. I am confident that advisers and clients alike will value this innovation."
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