Business
IOOF marches former ANZ advisers – The Australian Financial Review
Twelve sole-trader financial planning practices within the IOOF network were ‘offboarded’ due to being considered ‘sub-scale’.
The growth in funds under management came in spite of net outflows of $93 million in its core financial advice business.
The outflows were largely attributed to the exit of two key practices which joined IOOF as part of the initial phase of its acquisition of ANZ Bank’s wealth business in 2017 taking $155 million in client money with them.
Twelve sole-trader practices within the IOOF network were also “offboarded” by the company due to being considered “sub-scale”. The firms had a combined $11…
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