IOOF successfully completes Evolve21 migration

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IOOF Holdings Ltd (IOOF) has announced it has substantially simplified its platform environment with the completion of the consolidation of its legacy platforms and products onto its proprietary superannuation and investments technology platform, Evolve, with over 55,000 clients and $17.5bn in funds under management (FUM) moving onto the platform over one weekend.

According to IOOF Chief Distribution Officer Mark Oliver, the migration is a significant milestone for advisers and their clients, taking the total of number of client accounts now on the Evolve platform to over 275,000, with approximately $41bn in funds under administration (FUA).

“This migration sees us complete the consolidation from two platforms to one go-forward ecosystem, providing clients with access to leading edge technology that is intuitive and simple to use, supporting business efficiency for advisers while enabling better outcomes for their clients,” said Mr Oliver.

While the Evolve platform delivers an enhanced client and adviser experience, it also demonstrates how IOOF’s transformation strategy aims to improve value for clients through scale and simplification.

The latest Evolve21 migration will see the transitioned clients gain access to improved features, while 61% of clients transitioned in this migration will receive a reduction in their existing competitive fee arrangements.

This second phase of the Evolve21 migration also sees new features introduced to the platform including enhanced functionality for online advice-fee renewals, company account structures for IDPS accounts, adviser activity dashboard, At Limit trades and the use of DocuSign for non-binding and binding non-lapsing beneficiary nominations.

“We designed Evolve so it could adapt to the changing needs of advisers and their clients. This latest migration and the introduction of new features demonstrates this is something we will continue to deliver on.

“Listening to advisers, understanding their needs and the needs of their clients remains integral to Evolve continuing to reduce complexity, create efficiencies and deliver a high-quality user experience,” said Mr Oliver.

With the successful migration of IOOF’s legacy platforms and products complete, IOOF will continue to develop its product simplification roadmap including consolidating the platforms and products acquired as part of the MLC and ANZ P&I transactions.

IOOF Essential and eXpand[1]

As clients progress through their life cycles, advisers can transition their accounts seamlessly on the new Evolve platform by accessing the IOOF Essential and eXpand wrap products.

  • IOOF Essential: For clients with less complex investment needs – IOOF Essential simplifies investment management by providing a range of multi-manager funds that provide access to diversified and cost-effective portfolio solutions.
  • eXpand: For clients with more complex investment requirements – The eXpand solution enables advisers to custom build portfolios via a range of active, passive and direct investment options, and access more than 420 managed funds, a range of term deposits, fixed term annuities and ASX listed securities and ETFs.

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[1] IOOF Essential Super, IOOF Essential Pension, eXpand Super and eXpand Pension are issued by IOOF Investment Management Limited (IIML) ABN 53 006 695 021, AFS Licence No. 230524 as Trustee of the IOOF Portfolio Service Superannuation Fund ABN 70 815 369 818. IOOF Essential Investment and eXpand Investment are issued by IOOF Investment Services Limited (IISL) ABN 80 007 350 405, AFS Licence No. 230703 as the Service Operator of the Investor Directed Portfolio Services. IIML and IISL are part of the IOOF group of companies, consisting of IOOF Holdings Ltd ABN 49 100 103 722 and its related bodies corporate.

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