SEARCH
IOOF migrates clients to ‘future-fit’ platform
IOOF migrates clients to ‘future-fit’ platform
The wealth giant has migrated almost 40,000 client accounts onto its new super and investments platform, as competition among providers heats up.
In one weekend, 38,287 client accounts and $5 billion funds under FUA were successfully moved onto the platform, increasing the total to over 200,000 accounts and $20 billion FUA respectively, IOOF said.
“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,” IOOF chief distribution officer Mark Oliver said.
“By way of example, 42 per cent of clients migrated onto the Evolve platform received fee reductions.
“It is pleasing that there was a seamless transition over the course of one weekend, with more than 3,200 advisers up and running with minimal disruption to their business.
“We are committed to better supporting advisers and their clients and delivering an enhanced client and adviser experience.”
Announced late last year, the Evolve platform “offers tools, shortcuts and data views to take the complexity and effort out of administration and reporting”.
“As the technology is developed in-house, we have the flexibility to continue to upgrade Evolve’s functionality, in an efficient and timely manner, to adapt to the changing needs of advisers, their clients, as well as the ongoing transformation of the wealth management industry,” Mr Oliver said.
“The transformation we are undertaking is creating a better IOOF for advisers and their clients. We are focused 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.”
The second phase of the Evolve migration, set to be completed by the end of the year, is estimated to boast over 260,000 client accounts and more than $40 billion in FUA.
Want more content on technology and innovation? Register now for the Adviser Innovation Summit 2021.
About the author
Subscribe to our Newsletter
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
latest articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Broker Daily
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Centre
- Investor Daily
- Lawyers Weekly
- Money Management
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- World of Aviation
EVENTS AND SUMMITS
- ACE25 The Accounting Conference and Exhibition
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian AI Awards
- Australian Aviation Awards
- Australian Aviation Summit
- Australian Broking Awards
- Australian Cyber Awards
- Australian Cyber Summit
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Law Forum
- Australian Space Awards
- Australian Space Summit
- Australian Wealth Management Awards
- Australian Wealth Management Summit
- Better Business Awards
- Better Business Summit
- Broker Innovation Awards
- Broker Innovation Summit
- Budget Summit
- Commerical Finance Awards
- Corporate Counsel Summit
- Defence & National Security Workforce Awards
- Fund Manager of the Year Awards
- ifa Excellence Awards
- Lawyers Weekly 30 Under 30 Awards
- New Broker Academy
- Partner of the Year Awards
- Partner Summit
- REB Awards
- Rising Star Awards
- SME Bootcamp
- SMSF Technical Strategy Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Finance Summit
- Women in Law Awards
- Women in Law Forum
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Subscribe to the Adviser Innovation eNewsletter.
