AIS and Bleakleys form Partnership
ING Financial Planning (INGFP) will roll out an electronic distribution and service channel over the coming months in a process scheduled to take two years.
According to INGFP chief executive Mark Spiers, the initial roll out will work with planners within the group and be designed to service existing customers.
If successful the model will then be examined for wider use across the distribution arms of the Mercantile Mutual group.
INGFP represents one part of Mercantile Mutual's distribution and is the peak services group for RetireInvest and Partnership Planning.
The latter group will be borne out of the merger of Advisor Investment Services and Bleakleys which are set to join together under the new banner from early next month.
Partnership Planning will consist of more than 350 planners, making it one of the ten biggest dealer groups in Australia and will be headed by Mercantile Mutual executive Mike Walker.
The merger of two of the best known names in financial planning is part of an ongoing process to streamline the dealer groups structure within Mercantile Mutual which is made up of six dealer groups including RetireInvest, Lynx and AustAdvisers.
It was this process which brought the ING brand name into the company's dealer group structure.
As reported in Money Management in May, Mercantile Mutual restructured its distribution networks under one unit, called the Adviser Management Group (AMG). The aim was to bring together the management and support services of the groups under chief general manager Les Clayton.
Under the new system, AMG has two arms, ING Financial Planning (INGFP) and Integrated Financial Services (IFS).
The INGFP division will cover Partnership Planners, headed Walker and RetireInvest which Spiers will also head up alongside his INGFP duties.
The IFS arm will cover AustAdvisers, AustBrokers, Lynx and Concord and will be headed by deputy general manager Tony Hartley, who was previously Queensland state manager for life products.
Adviser management group chief general manager Les Clayton says the head of Advisor, Bruce McCreedy and Bleakley's managing director Lyle Jones are also both closely involved with the new venture.
AUTHOR
Jason Spits
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