Ibbotson Associates Australia has been appointed dedicated implemented investment consultant for NEO Financial Solutions, developing the group's advice processes and practice management.

Founded by Mark Edman and Mark Woods, both Woods and Edman were formerly with AFG in Perth who were acquired by Sentry Group in October 2009. At that time it was reported the acquisition increased Sentry Group's numbers from 190 to 310 advisers with some 50% of NEO's advisers reportedly to have come from Sentry Group.

NEO has gained over 50 financial planners in the past 12 months since being licensed in January 2011 and holds around $600 million in funds under advice.

Due to the mandate, Ibbotson will be providing the group with a full range of retail investment consulting and advice capabilities, including investment committee and governance oversight; investment advice including asset allocation and portfolio construction; investment management; fund and equity research and selection; and dealer and practice management support.

"Ibbotson is pleased to be partnering with NEO, and we look forward to supporting the development of NEO's investment capability, practice management, and advice process," said Matthew Esler, head of adviser services for Ibbotson Associates Australia.

Mark Edman, NEO managing director, said that it had chosen Ibbotson to service its adviser requirements and to build client value propositions.

"Given the new Future of Financial Advice (FOFA) regime changes, it will be the dealer groups that focus on enhancing practice development and efficiency that will flourish," said Edman.

"We're confident that Ibbotson will help us establish a differentiated and customised investment offering based on its strong foundations in academic research, asset allocation, and portfolio construction services."