ING picks up adviser group
ING Advicehas expanded the number of dealer groups in its adviser network with the purchase of The Vandenbergh Group.
The ING Advice network already has a number of well-known advisory groups as part of its make up, and The Vandenbergh Group will sit alongside RetireInvest, AustAdvisers, AustBrokers, Lynx, Partnership Planning and SuperConcepts.
As part of the purchase, ING will gain representation on the Vandenbergh board, with the head of ING Advice Mike Goodall and Neil Macdonald ?? both taking seats on the board. MacDonald ?? was involved with developing Financial Services Reform (FSR) transition strategies for ING advisers.
David Plant will move across from ING’s Distribution Management Group to manage the new acquisition, which will retain its name but will also be boosted by the addition of further financial planners to work with the established customer base of the businesses.
The Vandenbergh Group founder, Barry Vandenbergh, will stay with the group and assist with the transition of ownership to ING, until the end of March this year.
Goodall says the purchase of the group was partly a response to Barry Vandenbergh’s wish to move into other business ventures and ING assisting advisers with the transition to the FSR regime.
According to Goodall, a number of planning groups will need to align themselves with institutions to provide the support and business services they will need under the new industry rules.
“In some cases, it makes sense for us to acquire the business but there are a range of solutions that we can provide. In the case of The Vandenbergh Group, Barry was keen to move on to other challenges and he was particularly concerned that the client base he built up over 32-years would be well looked after,” Goodall says.
“With the onset of FSR, we are always interested in discussing our range of solutions with financial advisers who have a solid business.”
AUTHOR
Jason Spits
Recommended for you
After seven years at the company, Iress’ chief technology officer for wealth management APAC, Anthony Gerrits, has departed as the firm commences a search process to fill the role.
With advice firms thinking about scaling up in 2025, research has detailed the main avenues financial advisers say they have used for successful recruitment.
The board of Insignia Financial has reached a decision regarding the possible acquisition of the firm by US private equity giant Bain Capital.
Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses.
