STATEMENT: HFM resigns from MLC amid sale to IOOF
As you might have seen reported yesterday in the Financial Standard and in the Australian Financial Review, Haywood Financial Management’s AFSL Licensee, GWM Adviser Services, has been sold to IOOF. As part of this transaction, each adviser under the GWM stable will have to make a decision as to whether to move to IOOF, or seek another licensee.
As we flagged back in 2018, this sale has been in the works for some time, which has given us time to reflect on what we might do. After long consideration, we have decided that IOOF is not for us, and we will instead move to InterPrac Financial Planning, which is owned by ASX listed Sequoia Financial Group Ltd.
We have made this decision because we feel IOOF is not a good fit for our business or our clients in the long term.
We made a similar decision in 2011 when we left AXA to join MLC and more than 80 AXA advisers joined us.
What does this mean for you, our clients? In practical terms, nothing. Business continues as usual and our commitment to you remains steadfast. We will, of course, keep you updated as the transition progresses.
If you have any questions, queries or concerns, please don’t hesitate to contact our office for a one-on-one chat.
Thank you again for your support over many years, and again as we go through this process.