Ipac up and running in Asia
IpacSecuritieshas established one of the first ever financial planning firms in Singapore, taking about $1 million dollars in funds under advice in its first months of operation.
Ipac’s office in Hong Kong has also been officially launched, with both offices receiving regulatory and licensing approval. However, Ipac executive chairman Arun Abey says the Singapore office is more advanced in terms of public profile than its counterpart, despite the previous lack of financial planning in the region.
“In Singapore, financial planning is only very new, the legislation allowing financial planners to operate was only passed last year,” Abey says.
Canadian Paul Stefansson, who was involved in building a business similar to the Ipac model in his own country, heads up a team of eight in Singapore, while Australian Derek Young, who has been with Ipac for 15 years, heads up the team of six in Hong Kong.
Young also holds overall responsibility for Ipac’s operations in Asia.
The financial planners in each of the offices are locals, which Abey says reflects the group’s aim to build a strong presence in the local market, and not just cater to the Australian expatriate market.
He says the response to public seminars and client meetings in Singapore has been very positive, and that “the demand for lifestyle planning is very much there”.
The group’s multi-manager platform based in Dublin — created to service the non Australian client base — is now registered in Singapore and should be approved in Hong Kong next month.
The ready made platform has assisted in the million dollar inflow in the Singapore office to date, which has stemmed from 75 to 100 clients seeking advice from the eight planners in the group.
Abey says the business plans for both offices will remain aggressive.
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