IOOF partners with GROW Super

IOOF purchased a minority stake in GROW Super to help the wealth group expand and boost the digital capabilities of its own financial adviser network.

IOOF said the partnership will facilitate member engagement with superannuation and the connectivity between investors and financial advice. GROW will work with IOOF licensees and financial advisers to develop digital capabilities across several engagement points.

The diversified wealth manager did not disclose the amount invested in the millennial-targeted super fund.

IOOF group general manager of wealth management Renato Mota said: "We are pleased to be working with the team at GROW Super. They have a proven capability in engaging investors through a leading digital experience. GROW believe in helping people make better financial decisions. We believe this is entirely aligned with our focus on financial advice and look forward to exploring this space together."

Grow Super chief executive Josh Wilson said establishing a partnership with a leader in the advice industry is a testament to what the fund has created in the past 12 months.

"We're really excited about being able to work together to help empower Australians to better superannuation and ultimately life outcomes," Wilson said.

Separately, IOOF has voiced its concerns over the Treasury's proposal to allow victims of violent crime to access the perpetrator's superannuation within limited circumstances.

IOOF technical services manager Josh Rundmann said: "This has the potential to be strongly positive for victims of crime. While IOOF advocates for broad and enhanced access to super however, this proposal will need careful consideration of the potential implication across all clients and how the release will operate in practice."

Currently, victims of violent crime generally have access to government-funded assistance compensation schemes. The law can also order a perpetrator, if found guilty of committing the crime, to make a payment to the victim.

Rundmann suggested a middle ground to "allow the victim's compensation schemes - operated by state governments - to request a release of super on behalf of victims where a judgement debt remains unpaid."

"Whilst not explicitly covered in the paper, victim support schemes provide valuable assistance in the immediate aftermath of a violent crime being committed against a person," he said.

"However, they are not able to cover all costs which may arise between the crime being committed and a criminal prosecution being completed. As such, introducing a third element to the hardship provisions to help victims of violent crime which is not reliant on having received previous social security payments should be considered."

Read more: IOOFGROW SuperSuperannuationJosh RundmannJosh WilsonRenato Mota
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