Independent IFA creates its own trend
A new financial planning firm has bucked the industry trend, with its planners leaving a major corporation's ranks to set up shop on their own.
A new financial planning firm has bucked the industry trend, with its planners leaving a major corporation's ranks to set up shop on their own.
IFA Securities, a group made up of former proper authority holders with Colonial Financial Services and Financial Wisdom prior to its takeover by Colonial, recently gained a dealers licence and is now operating as an independent financial planning practice. IFA has 12 proper authority holders and a support staff including paraplanners and a compliance manager and currently has about $150 million in funds under advice.
IFA general manager Ron Ogilvie says business is booming and he hopes to be able to expand the firm's adviser ranks to 20 in the near fu-ture.
IFA is a privately owned group with five shareholders, all of which are planners with the group.
Ogilvie says the firm's client base of small business owners and pro-fessionals have been attracted to IFA because of its independence.
"We are seen to have no potential for a conflict of interest because of our independence. I think many of our clients perceive if an ad-viser is linked to a fund manager, that this may not necessarily be the case."
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
