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.

———–

[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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Renato Mota

IOOF Holdings Ltd (IOOF) Financial Results for year ending 30 June 2021 (FY21)

• Underlying net profit after tax (UNPAT) from continuing operations $147.8 million up 19% on the previous corresponding period.
• Revenues of $770m up 31% including full 12-month contribution from P&I and one month of MLC.
• Statutory net loss after tax (NPAT) from continuing operations of $143.5 million due primarily to the previously reported non-recurring costs associated with:
  • non-cash goodwill write-down due to changes in open architecture arrangements and ceasing of grandfathered revenues, and
  • the acquisition and integration costs associated with the MLC acquisition.
• Group pro forma results allowing for a 12-month contribution from MLC recorded:
  • Group pro forma revenue of $1.48 billion
  • Group pro forma UNPAT of $213 million.
• Final franked dividends of 11.5 cents per share:
  • 9.5 cents per share interim ordinary dividend, 2.0 cents per share special dividend
  • Total FY21 dividends of 23 cents per share; made up of 17.5 cents ordinary dividends and 5.5 cents per share special dividends.

Comments from IOOF Chief Executive Officer, Mr Renato Mota: “This year has been transformational with the successful completion of the MLC acquisition on 31 May. The increase in our revenue and UNPAT evidences our commitment to growth, both through transformation as well as the benefits of recent acquisitions. We realised organic growth in FY21 with $3.3bn net flows into the Evolve retail advisory platform at a time when the retail industry continues to experience outflows.

“We believe we have a substantial opportunity to improve the financial wellbeing of all Australians. We are focused on growing a profitable sustainable business model that delivers accessible and affordable advice that caters for all client life-stages. Everything we have achieved this past year is strategically aligned to that objective.

“The MLC acquisition is proceeding well and our integration plans remain on track. The combination of IOOF and MLC has created a new IOOF that has scale, diversity and growth opportunities through wide-ranging capabilities and technical expertise. We are excited about the future potential of the combined group.

“Our balance sheet remains very strong. Our senior debt gearing ratio is at 0.6 – well below our target range. This strong financial position has allowed us to maintain an attractive level of fully franked dividend payments and gives us confidence in our outlook.

“Importantly, the acquisition process did not distract us from delivering on the strategic initiatives that we had outlined as our objectives for the business. We delivered significant simplification and synergies across the group from our ANZ P&I acquisition, we restructured and repositioned our Advice businesses through our Advice 2.0 program, we achieved scale on our Evolve platform and we remain on track with the Evolve21 migration onto the new platform by the end of December. This successful migration and decommissioning represents the blueprint for further repositioning of products onto contemporary platforms and the decommissioning of legacy ANZ P&I and MLC platforms across the expanded group.”

The statutory results recorded a significant loss due to two major contributors. As previously advised, these consisted of the $200 million in non-cash goodwill write downs associated with finalisation of the BT platform arrangements, for which cash compensation was received in the first half, and the cessation of grandfathered revenues across the industry. Substantial integration and acquisition costs associated with the MLC acquisition were also incurred in line with budgeted expenditure.

P&I integration and MLC completion

IOOF significantly progressed its integration activities and delivered an additional $38 million in annual run-rate synergies by 30 June, resulting in a cumulative total of $56m p.a. with $44 million attributable to ANZ P&I and $12 million of initial synergies attributable to MLC.

Mr Mota said; “As we move forward as a single business, we will look to combine our two acquisition streams into a single integration programme. We are targeting a synergy run-rate for the FY22 financial year of $80- $100 million, representing a cumulative $136m-$156m towards our goal of $218m p.a. by FY2024.”

Advice 2.0

Mr Mota commented: “As part of our commitment to delivering a step-change in the quality and affordability of advice and constructing a sustainable long-term advice model, it was pleasing to welcome another 406 MLC advisers who have elected to join our Advice businesses.”

Key points

• Successful transformation of Bridges to a fully employed network and additional 150 advisers joining IOOF through MLC Advice.
• Advice 2.0 largely complete with 135 advisers leaving the IOOF self-employed network, and 256 additional advisers joining from MLC brands of Godfrey Pembroke and TenFifty.
• On track to FY22 break-even run-rate from ex-ANZ Advice licenses, through expense recovery and cost reduction from closure of FSP in H1 FY22.
• Servicing Independent Financial Advisers provides attractive growth prospects.
• Wealth Central, acquired in September 2020, gaining significant traction with advisers

Mr Mota, said: “We intend to operate a sustainable advice business. This means we need to continue to drive efficiencies and technology enhancements to ensure that we operate on a sound financial basis into the future.

“We remain committed to supporting advisers and their clients through unmatched technologies, choice, and life-stage strategies.

“Our Advice 2.0 model is delivering client opportunities which are highly valued by advisers partnering with IOOF to support their business needs. While we are on track with former ANZ licensees, with the inclusion of the MLC advisers we intend to break even in support of our self-employed advice model in the FY24/25 period with continued improvement in the intervening period. The addition of MLC further extends IOOF’s scale and reach.”

Evolve

Mr Mota said: “At a time when the retail industry continues to experience significant outflows, we achieved organic growth, with $3.3bn net flows delivered into advisory Evolve platforms. This is the result of market acceptance of our contemporary offering.

“We remain on track to complete the consolidation of retail accounts through our Evolve21 platform by 31 December 2021, which will allow us to retire our legacy Orion platform in FY22.”

Key points

• Evolve operating platform is now at scale, administering over $22 billion in funds.
• Evolve21 migration provides blueprint for on-going consolidation of acquired platforms.
• 3 MLC platforms administering $126 billion of funds successfully transferred to IOOF ownership.
• Smart Choice product enhancements and re-price completed, with initiatives to reposition legacy P&I products entering execution phase.
• IOOF has simplified the Cash Management Trust administration in support of better returns to clients.
• Open architecture offering, broadened through arrangements with HUB24.

Mr Mota commented: “We have already achieved scale on our contemporary Evolve platform providing a solid base to grow, and pleasingly, our net flows into our contemporary offers is positive and growing.

“We have acquired three additional platforms from MLC, taking our total number of platforms to seven. We have a proven blueprint for platform consolidation and rationalisation, as shown by our Evolve21 program which will successfully complete in December this year. “We are undertaking a complete product and platform review. This will see legacy product offerings upgraded onto new platforms. Revised pricing and product features are expected to be matched with efficiencies from operational and technology simplification.”

FY22 outlook

Mr Mota said, “Through the transformation of our business, we expect to deliver synergy benefits during FY22 and beyond. We continue to deliver on a programme that sees us build leading capabilities in our products and services and to focus on delivering better outcomes for clients, members and shareholders.”

Mr Mota added that there were clear and achievable priorities for the next financial year including:

• Completion of the Evolve21 migration and decommissioning of the Orion platform.
• Completion of the product and platform review, and progress on decommissioning additional legacy platforms.
• Substantial improvement in financial performance of the advice business by leveraging technology and capabilities across the advice business, and increasing revenue and cost efficiencies.
• Taking advantage of the expanded range and capabilities of the asset management business.
• Substantial further progress in the settlement of the remediation provisions.
• Delivery of annualised run-rate synergies of $80-$100 million.

Mr Mota concluded: “Longer-term, we continue to see significant opportunities through the expanding addressable market and changing demographics which are increasingly driving demand for our quality financial wellbeing advice, contemporary administration services and expanded investment capabilities.

“We also see opportunities for our shareholders to benefit as we consolidate our acquisitions, deliver efficiencies across the business and deliver growth in earnings and dividends.”

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The Evolve platform is a leading-edge yet easy-to-use ecosystem for super and investments, where automation and data can power better outcomes for clients and advisers’ businesses.

Over a single weekend, IOOF successfully migrated 38,827 client accounts and approximately $5 billion funds under administration (FUA) onto Evolve, resulting in a total of over 200,000 client accounts now on the platform and more than $20 billion FUA.

The completion of this first phase of the Evolve platform consolidation is a significant milestone in the modernisation and simplification of IOOF’s platform technology. The second phase of the migration is due to be completed by the end of 2021, when it is estimated that IOOF will have a total of over 260,000 client accounts on Evolve and more than $40 billion in FUA.

IOOF Chief Distribution Officer Mark Oliver 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. By way of example, 42% 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.”

Evolve has been designed in close collaboration with advisers to provide the benefits of a modern integrated platform. It offers tools, shortcuts and data views to take the complexity and effort out of administration and reporting. Advisers and clients will gain access to greater functionality and platform capabilities for a market competitive fee.

Mr Oliver commented, “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.”

Designed in partnership with advisers, key features of Evolve are that it:

• is intuitive and easy to use
• offers a clear and simple view of data that matters
• is responsive in supporting users every step of the way
• provides a simple, consistent experience for clients throughout their journey
• is designed to continue to adapt and simplify

Mr Oliver added, “The transformation we are undertaking is creating a better IOOF for advisers and their clients. 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.”

IOOF Essential and eXpand*

On the Evolve platform advisers and their clients can access:

• IOOF Essential which simplifies investment management by providing a range of multi-manager funds that provide access to diversified and cost-effective portfolio solutions.
• eXpand which enables advisers to custom build portfolios via a range of active, passive and direct investment options, and access to over 420 managed funds, a range of term deposits, fixed term annuities and ASX listed securities and ETFs.

As clients progress through their life cycles, advisers can transition their accounts seamlessly on the Evolve platform.

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Renato Mota

IOOF Holdings Ltd (IOOF) is pleased to announce the completion of the acquisition of MLC Wealth (MLC) from National Australia Bank Limited (NAB) with effect from 11:59pm on 31 May 2021.

Key points

• Establishes IOOF as the wealth management market leader in Australia.
• Doubles the size of the IOOF business to $494 billion Funds Under Management, Administration and Advice (FUMA)^[1] .
• An additional 406 MLC advisers joining IOOF, expanding the scale and reach of the advice business.
• The step-change in scale will over time lower the cost to serve more than 2.2 million IOOF clients and members.
• From May 31, 2021, a single senior leadership and management structure is in place and operational.
• As a result of the consolidation work and planning in advance of completion, IOOF expects to deliver a run-rate of between $65 million to $80 million of the estimated $150 million in cost synergies by the end of FY22.

IOOF CEO, Renato Mota, said, “This acquisition is truly transformational for IOOF as it positions us as the leader of a new era of wealth management in Australia, giving us a strong platform for future growth.

“Today we become a new IOOF. We have the strategic intent, the talent, and now the scale, to deliver our advice-led wealth management proposition to more Australians than ever before. While this acquisition delivers immediate value to our shareholders, we consider its potential for medium and long-term value even more compelling.

“IOOF and MLC share a common purpose to improve the financial wellbeing of all Australians. We also share a client-oriented philosophy and together, we will now be proudly serving over 2.2 million Australians.

“Together, we will deliver clients and members broader access to wide-ranging capabilities and technical expertise, enhanced infrastructure and a strong corporate governance framework. Importantly, this step-change in scale will over time, lower the cost of serving clients and members.

“It will also help us make financial advice more affordable and accessible for the 80% of the population who currently do not seek it out.

“While the financial services industry in Australia is transforming, the wealth management sector system growth continues to be strong, with a five-year compound annual growth of superannuation assets of 9% per annum^[2] . A bigger and better IOOF will be positioned to take advantage of these opportunities by being at the forefront of the industry transformation.”

Stronger together

The acquisition of MLC by IOOF combines two of Australia’s oldest leading wealth managers. Planning for the integration of the two organisations has been completed, which will enable IOOF to expeditiously integrate the businesses, led by IOOF’s dedicated transformation function.

Mr Mota commented, “In place from today is a single senior leadership and management structure, which is streamlined and simplified. Since the announcement of the acquisition, we have worked to identify the right talent to take the company forward. This has involved an assessment of talent and skills of MLC, IOOF, and external candidates. From day one, we now have the go-forward senior management team committed, in place and including senior leaders from MLC.”

Two new senior executive appointments to IOOF’s Executive Team were announced today. Mr. Garry Mulcahy is appointed Chief Asset Management Officer. Garry has a long and extensive career with MLC, including as EGM for Asset Management from 2009 to 2018 and more recently as Group Executive, MLC Asset Management. Garry will be responsible for overseeing IOOF’s return to active investment management. Ms. Sawsan Howard has been appointed Chief Corporate Affairs and Marketing Officer. Sawsan brings over 25 years’ experience across multiple sectors including financial services and government, most recently as General Manager, Brand & Corporate Affairs at AustralianSuper.

There will be 406 MLC financial advisers joining IOOF’s licensees on day one, representing 84% of advisers from MLC advice businesses that were in IOOF’s target set and met onboarding requirements. This is consistent with IOOF’s expectations formed during due diligence.

Mr Mota said, “It has been a priority for IOOF to ensure that those advisers joining the Group with this acquisition, as with the ANZ Wealth acquisition, are aligned with IOOF’s ClientFirst philosophy and our Advice 2.0 response to the transformation of financial advice in Australia.

“We are thrilled to welcome the very talented MLC team to the IOOF family.”

Financial reporting

Considerations:

• Transaction funding sources and uses are shown in the table below. IOOF will provide an update on leverage at its full year results presentation in August 2021.

• IOOF will incorporate MLC’s Funds under Management and Administration into its Q4 Business Update on 29 July 2021. Funds under Advice is not a metric currently reported externally by MLC.
• Internal alignment of reporting, including the re-alignment of year-end for MLC corporate entities to 30 June 2021 (currently 30 September), is in progress.
• IOOF intends to provide pro forma standalone financial results for MLC for the year ended 30 June 2021 at its full year results presentation.
• One-off pre-tax integration and transaction costs of approximately $360m are expected to be incurred over the period to end FY24.
• Further information in relation to the MLC transaction will be provided at IOOF’s Q4 Business Update and at its full year financial results.

Schedule – Key terms of Subordinated Loan Notes (SLNs)

• SLNs are unsecured subordinated debt obligations of IOOF.
• 1% per annum coupon, payable semi-annually. Step up to 4% per annum if Noteholders request redemption more than 42 months after the issue date and the Company does not redeem. • 5-year term with an early redemption start period of 42 months from Completion.
• Equity linked redemption linked to any uplift in notional securities over an initial reference price of $4.42 and subject to downward adjustments for dividends, share and security issues and other adjustments including for restructures.
• IOOF permitted to accelerate redemption after 3 years if VWAP is at least 150% of the reference price or in the case of certain tax changes. Holder permitted to accelerate redemption at any time commencing 42 months after the issue date, subject to Issuer consent, or upon change in control (acquisition by a person of beneficial ownership of 50% or more of the ordinary voting power or outstanding voting shares) or delisting or 15 trading day suspension.

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[1] As at 31 March 2021, excludes MLC FUAdvice. Sources: (1) IOOF Q3 2021 Business Update (29 April 2021). (2) NAB Appendix 4D (released to the ASX 6 May 2021), page 74.
[2] 5-year compound annual growth of total superannuation assets to March 2021 per APRA Superannuation Statistics.

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The appointments are a part of the broader reshape of the business, allowing IOOF to be ‘fit for purpose’ both now and in the future, as the company enters a new phase of its transformation.

Key changes made are:

• Mr Frank Lombardo will assume the role of Chief Operating Officer
• Mr Darren Whereat will assume the position of Chief Advice Officer
• Mr Mark Oliver will take the new title of Chief Distribution Officer

On the changes, Mr Renato Mota, IOOF Chief Executive Officer, commented: “These promotions and changes to the Executive Team are designed to better align our teams and reflect the integration of the recent acquisition of ANZ’s Pension and Investments business (P&I). This marks the commencement of an exciting new phase of IOOF’s development.

“We are building solid foundations for IOOF’s future success. Through a purpose-led culture we continue to challenge ourselves to deliver better outcomes for clients and members. The recent increase in our size and scale through the P&I acquisition has improved our ability to invest in and deliver market leading solutions, offering more value to our clients.”

Mr Lombardo’s change in role reflects a focus on the integration of P&I as well as continued ClientFirst transformation. Mr Mota commented, “The operations function will now encompass new areas, including Transformation & Integration, a new Commercial Management capability and supporting ClientFirst thinking adoption across the IOOF enterprise.”

As Chief Advice Officer, Mr Whereat is to continue to have carriage of the Advice business, ensuring consistency and further cementing the central role advice is set to play in the company’s future strategy. Mr Mota commented that, “Mr Whereat assuming the role of Chief Advice Officer reinforces the importance of financial advice to IOOF’s strategy and in particular the transformation of advice delivery.”

Mr Oliver taking the new role of Chief Distribution Officer reinforces the increased scale and scope of IOOF’s product and client businesses following the completion of the P&I transaction as well as incorporating responsibility for Group Marketing. Mr Mota said, “Mark’s new role reflects the importance of and opportunities from the continued development of efficient and engaging solutions for advisers, investors, members and employers.”

As part of these changes, Mr Mota announced that Candice Spence, Head of Marketing, has chosen to leave the company after 14 years with the organisation. Commenting on Ms Spence’s departure, Mr Mota said, “I would like to sincerely thank Candice for her significant contribution during her time at IOOF. Candice has successfully led the marketing and communications effort for 14 years through numerous acquisitions and integrations.”

The aforementioned appointments are effective immediately.

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Renato Mota

IOOF Holdings Ltd (IOOF) welcomes the receipt of the No Objection Notices from both OnePath Custodians Pty Limited (OPC) and Australia and New Zealand Banking Group Limited (ANZ) in relation to the transfer of the ANZ Wealth Pension and Investments business (ANZ P&I) to IOOF.

Additionally, ANZ and IOOF have also agreed the following changes to the terms of the ANZ P&I acquisition:

• a purchase price of $825 million for ANZ P&I, revised down from $950 million, with the purchase price remaining subject to a completion adjustment for the net assets of ANZ P&I.
• a revised date after which either party may terminate the acquisition of ANZ P&I if there are any outstanding conditions precedent on that date. Previously that date was 17 October 2019, and the parties have agreed to extend that date to 31 December 2019, with each party having the ability to extend that date on a monthly basis up to but not later than 30 June 2020.
• changes to warranty caps associated with reduced purchase price and an amendment to the Strategic Alliance Agreement allowing for an earlier termination right by either party.

IOOF CEO Renato Mota commented “The revised terms reflect both ANZ and IOOF’s commitment to completing the transaction and it delivers greater certainty to ANZ P&I members and clients. Despite a challenging operating environment for wealth management, the strategic rationale for the transaction remains compelling and we continue to be confident in the significant benefits it will deliver.

“The transaction will meaningfully increase the scale and footprint of our core business as we continue to invest in delivery of member outcomes and execute our strategy to deliver accessible, advice-led wealth management for the benefit of all Australians.

“We have been supportive of OPC’s need to form its own view that the transfer to IOOF is in the best interests of their members and are pleased to see they have formed that opinion.”

Amendments to the Superannuation Industry (Supervision) Act 1993 (Cth) which came into force on 5 July 2019, give the Australian Prudential Regulation Authority (APRA) an approval power in respect of the acquisition of controlling stakes in Registrable Superannuation Entity (RSE) licensees.

Approval from APRA remains a requirement for the ANZ P&I transaction to complete. IOOF submitted its final application to APRA for approval on 4 October 2019.

Mr Mota said, “APRA is currently considering our final application in detail and we welcome further engagement with them on IOOF’s delivery of better member outcomes.

“SPS 5151* will be applicable to all RSEs from January 2020. Our focus on supporting positive member outcomes is underpinned by ongoing stronger governance and higher standards.

Together with our key stakeholders, IOOF is committed to restoring trust and improving the lives of our clients and their communities.”

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*Prudential Standard SPS 515 – Strategic Planning and Member Outcomes, January 2020

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Professor Rajesh Vasa

Deakin researchers have partnered with financial services provider IOOF to apply artificial intelligence (AI) to the company’s in-house client administrative system – making processing times up to 400 times faster.

The project, led by Deakin University’s Applied Artificial Intelligence Institute (A²I²), aims to streamline the handling of hundreds of email queries received by IOOF business centres each day.

Head of Translational Research and Development at A²I² Professor Rajesh Vasa said the new system would analyse incoming correspondence and assign each item to a work category where support teams were waiting to process the item and provide a customer response.

“Work requests come in from many different sources, including email, phone and text message, and staff have the task of manually identifying these for appropriate actioning,” Professor Vasa said.

“The volume of requests and the repetitive nature of the work makes this an ideal job for a machine, but it is critical that the machine can read and understand the content and context of each work request.

“In this project we apply natural language processing (NLP) techniques while retaining and empowering customer service staff to do their jobs better,” Professor Vasa said.

IOOF’s Head of Platform Technology and Architecture, Damien O’Donnell, said his company was undergoing major changes to improve its customer focus and was continuously looking for opportunities where technology could help with those challenges.

“This is a significant game-changer for IOOF and we’ve been fortunate to have the opportunity to leverage Deakin’s world class knowledge and expertise,” Mr O’Donnell said.

“Manual work classification of incoming correspondence by a person takes, on average, two minutes per item.

“The AI solution takes around 300 milliseconds per item – so it can perform 400 classifications in that same period.

“Critically, the accuracy rate is more than 90 per cent across some of our highest volume demands,” Mr O’Donnell said.

Professor Vasa said IOOF was one of the few organisations in Australia that had the state of the art engineering capabilities to effectively integrate and deploy cutting-edge AI components.

“IOOF had much of the underlying infrastructure in place that enabled us to rapidly identify, refine and test the solution,” he said.

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Mr Flynn joins IOOF having built a successful career to-date across a number of key organisational disciplines including finance, operations, risk and compliance, technology and distribution.

David brings with him a depth of experience in leading regulatory and remediation programs, and leading cross functional teams through transformational growth, having spent time at ANZ, ING Australia, Zurich and most recently BT Financial Group, where he was Program Director for Westpac Group’s large-scale Structured Advice Remediation program.

Commenting on the appointment, Darren Whereat, General Manager Advice, said “We’re very excited to have David join the team.  With his deep understanding of the regulatory and professional requirements for the industry, strong focus on governance, and extensive experience leading large teams, he will be a great addition to our Advice business”.

David will commence with IOOF on 29 April and will be based in IOOF’s Sydney office.

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Rnato Mota

IOOF Holdings Ltd (IOOF) announced on 20 July 2018 that ANZ Wealth’s aligned advice licensees and supporting teams would join IOOF on 1 October 2018, following the early completion of IOOF’s acquisition of ANZ’s Aligned Dealer Groups business.

Renato Mota, Group General Manager of Wealth Management for IOOF, said “This expansion of our advice-led capabilities, provides us with the opportunity to execute our advice-led strategy on a new scale, with a step-change in our resources and reach.

“To support the change, we have created a new wealth management structure to support the expanded capability. The new structure is designed to maximise IOOF’s ability to support the creation of higher quality, and more efficient, advice businesses of the future; while ensuring it retains a flat, agile structure and remains close to clients.

“Key to this is the newly created role of General Manager Advice. We want someone absolutely focused on ensuring that IOOF advice business is wholly committed to clients outcomes and assisting advisers deliver these.

“I am delighted to announce that Mr Darren Whereat, currently ANZ General Manager, Aligned Licensees and Advice Standards, has been appointed to this role.

“Darren is a talented and experienced professional and a passionate advocate of advice-led wealth management. He wants every Australian to not only understand the value of good financial advice but also have the confidence to access it. This is a true fit with IOOF’s purpose.”

Mr Whereat has more than 25 years’ experience in the financial services industry, having held senior management roles across Advice, Distribution and Workplace Superannuation.

In this new role, Mr Whereat will be responsible for the advice enablement teams joining IOOF from ANZ as well as IOOF’s existing teams.

Prior to his current position at ANZ, Mr Whereat was CEO of RI Advice Group for over three years and previously held senior roles in advice businesses at BT Financial Group, Asgard and MLC.

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Rnato Mota

IOOF Holdings Limited (IOOF) has announced that it will obtain legal ownership of Australia and New Zealand Banking Group Limited’s (ANZ) Aligned Dealer Group businesses (ADGs) from 1 October ahead of schedule.

IOOF’s Group General Manager of Wealth Management, Renato Mota, said “It is pleasing to bring together the talent, experience and client first focus of our two organisations ahead of schedule.  We are creating Australia’s leading advice community – embracing diversity, a commitment to quality client outcomes and driven by passionate people.

“Having spent the past few months getting to know the advisers and the teams that support them, I am excited to be bringing together the combined talents and offerings of each organisation for the benefit of our clients.”

ANZ’s ADGs include advisers licensed under RI Advice, Millennium 3, Financial Services Partners and Elders Financial Planning.

Darren Whereat, General Manager, Aligned Licensees and Advice Standards at ANZ Wealth added “Through getting to know IOOF and their value proposition as one of Australia’s leading advice-led wealth management organisations, our advisers are excited by the opportunity presented by IOOF for both their businesses and their clients. The feedback from our advisers has been that they want to move forward as soon as possible, so I am pleased that we have been able to complete the transaction ahead of schedule.”

Mota adds “This support and endorsement has underpinned the early completion. It bodes well for the integration and reflects a tremendous opportunity for the future development and success of IOOF’s advice businesses.”

Accelerated economic completion of acquisition of ANZ’s One Path Pensions and Investments (P&I) business

Additionally, IOOF also announced that it has entered into a non-binding term sheet with ANZ for an accelerated economic completion of ANZ’s P&I business.  This would see the economic completion of this business brought forward to 1 October, with final completion taking place upon separation of the P&I products from OnePath Life.  This is expected to occur towards the end of March 2019.

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