The figure comes off the back of a $1.8 billion net outflow for the period to 31 May 2021. 

In a statement, the company said the exits were an “expected transition” as part of its transformation program, Advice 2.0.

“This was due to a variety of reasons, including practices which IOOF believe were not suited to the economic or governance requirements of a professional advice model,” the statement said.

“On 1 June 2021, 406 MLC advisers joined with IOOF advice licensees and, as at the end of June, IOOF maintained active advice services relationships with almost 2,000 financial advisers.”

Meanwhile, new self-employed advisers joining IOOF licensees resulted in inflows of $0.4 billion.

IOOF chief executive Renato Mota said ongoing positive organic flows into Portfolio & Estate Administration were experienced, achieving quarter-on-quarter positive flows for the last 34 quarters, as well as a positive turnaround in flows into Investment Management during the quarter. 

The recent acquisition of MLC which saw over 400 MLC advisers join the wealth giant’s new, expanded advice business was also a major factor in IOOF’s continued FUMA growth.

“The ‘new IOOF’ has over $200 billion of funds under administration across its platforms, in excess of $200 billion of investment funds across its multi-manager and direct investment portfolios, and relationships with more than 9,000 financial advisers, supporting more than 2 million Australians with their retirement and investment decisions,” Mr Mota said.

“This gives us a strong platform for future growth, including the enhanced ability to attract new FUMA through our extended scale and reach.”