Planners band together
A group of financial planning dealers have banded together to provide financial advice targeting government institutions and large corporations in the process of downsizing.
A group of financial planning dealers have banded together to provide financial advice targeting government institutions and large corporations in the process of downsizing.
The Adelaide-based Association of Independently Owned Financial Planners (AIOFP) is a collec-tive of 15 independently owned dealerships across Australia. It has already worked with employees at Holden, Portscorp and most recently Mitsubishi Motors in Adelaide.
Intervest Securities' David Dyke is president of the AIOFP, while Goldsborough Financial Services' Peter Johnston and Patrick Whelan Investment's Richard Levy are vice presidents of the fledgling group.
Contrary to recent media reports, the group says its primary function is to tender to national redun-dancy programs, not to compete with the Financial Planning Association (FPA).
"The Association of Independently Owned Financial Planners is not in competition with the FPA. In fact, a prerequisite for membership is being a principal member of the FPA. While the FPA has a number of diverse matters on its agenda, our focus is purely commercial," says Peter Johnston.
The AIOFP offers planning and career transitional services through the Australian Financial & Ca-reer Consortium, which is the wholly owned commercial arm of the group. It offers its corporate client the choice of using the services of up to four planning groups in each state and offers its dealer group members a means to gain a foothold in this lucrative market.
"A major frustration to independently-owned state-based licensed dealers is being 'locked out' of national redundancy programs with major corporations," Johnston says.
Each member "offers their own specific fee and brokerage arrangements to clients", according to Johnston. Members in return pay a levy to the Association.
The AIOFP is looking to expand its membership to several regional areas, however the group says membership numbers will be capped at 20 dealer groups.
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