IOOF chief unveils ‘advice-led’ strategy
Renato Mota, the new chief executive of IOOF, wants to reset the troubled wealth group’s business by branching into digital and robo advice services as a way to bring down costs and add flexibility for customers, while leaving the door open for further acquisitions.
In a widely anticipated move, IOOF confirmed on Tuesday that Mr Mota, a 16-year company veteran and interim chief executive, will take on the role permanently with immediate effect.
This follows the departure of chief executive Chris Kelaher, who walked away from the job after 10 years in the role following unprecedented action by the prudential regulator.
In December the Australian Prudential Regulation Authority took action against IOOF, Mr Kelaher and four other senior leaders, for failing to act in the best interest of superannuation members.
The move wiped 35 per cent off the company’s market value in one day due to fears that IOOF’s $1 billion purchase of ANZ’s OnePath superannuation business might not go ahead.
Mr Mota told The Australian Financial Review IOOF would pursue an “advice-led strategy” that was more focused on the delivery of quality advice than on pushing financial products.
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