RetireInvest to boost planner numbers
Financial planning groupRetireInvesthas indicated that this year it will embark on an ambitious growth program to increase its planner numbers from 267 to 310 as well as adding 12 more planning offices throughout Australia.
It will also engage in a number of alliances and equity sharing arrangements with financial planning partners.
The group plans to attract and retain planners through the roll out of a number of initiatives including remuneration, training and development packages, which have been earmarked as a major part of the group’s growth strategy this year.
RetireInvest general manager David Phelan says for the group to maintain its place in the industry it would aggressively adopt a four pronged approach. This includes attracting new advisers, retaining those currently with the group, developing franchise operations in certain business areas and creating alliance and equity deals with partners.
“We see great potential to grow our network by supporting the growth of existing offices, and opening up new franchises particularly in New South Wales and Western Australia,” Phelan says.
According to Phelan, the driver behind the group’s plans is the increasing demand by consumers for financial advice. This, he says, will be spurred on by increasing levels of personal wealth in an ageing population and the Federal Government’s gradual winding down of support for those in retirement.
“Australia is set for massive growth in the financial planning industry over the next few years. According to Reserve Bank estimates, funds under management will grow by an average 10 per cent annually over the next 15 years, to a total of nearly $2300 billion,” he says.
AUTHOR
Jason Spits
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