RetireInvest advisers to launch boutique
Eight Victoria-based RetireInvest franchises have split from the ING-owned advice firm to launch a new independent dealer group with 20 authorised representatives and more than $1 billion in funds under advice.
The new business, which is yet to be branded and comprises practices from both metropolitan and regional Victoria, has struck a deal with Securitor for the latter to provide general transition assistance to the new entity.
In addition, once the businesses cease to operate under the RetireInvest banner and the new firm is up and running, Sealcorp-owned Securitor and Asgard, will provide it with dealer services and platform support respectively.
“We believe the dealer to dealer market is a good one as there are a large and growing number of financial planners, particularly post FSR [Financial Services Reform], who are seeking back office arrangements and ongoing dealer support from providers such as Securitor,” Sealcorp chief executive Geoff Lloyd said.
Meanwhile, RetireInvest has moved to deflect some of the attention from the imminent departures of the group of Victorian planners by unveiling a new deal in the state with the Victorian Farmers Federation (VFF) - a 21,000 member association.
The deal will see RetireInvest provide the VFF with financial planning services, with the association’s president Paul Weller noting that the ING advice firm’s exposure in country areas was a strong contributing factor to the deal.
“This means that RetireInvest has people and offices where it matters most to VFF members - in rural and regional Victoria - so the advice is available from local people,” Weller said.
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