IOOF changes won't cross Tasman

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IOOF in Australia has closed its My Adviser and Plan B Wealth Management financial planning services, but says there are no changes planned to its Kiwi business at present.

Friday, July 24th 2015, 5:59AM 1 Comment

It has been reported that it has halved its adviser headcount, claiming those who left were out of step with the company’s culture.

IOOF has been embroiled in scandal – earlier this month it was revealed that almost 60 clients had been compensated $2.8 million for poor advice.

There have also been allegations of insider training, claims of front-running, misrepresentation of performance figures, faulty research reports and junior staff asked to cheat on training.

An IOOF spokesperson told media it was inaccurate to link the allegations of misconduct with the wind-up of My Adviser and Plan B.

A number of advisers had moved across to Consultum Financial Advisers.

“We had about 45 advisers at My Adviser and about 15 came across to Consultum, and the important thing to understand is while some chose to go somewhere else, there were also those that did not meet our criteria following a number of requirements that needed to be met as part of our due diligence process."

IOOF told Good Returns the changes in Australia would not affect IOOF's operations in New Zealand.

It was formerly known as Plan B Wealth Management here, and offers investment funds and administration platforms.

Tags: financial advisers IOOF

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