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.