RetireInvest scotches exodus rumours

ING-owned dealer group RetireInvest has played down suggestions its franchised proprietors and financial planners are unhappy, despite a small group of Victorian advisers indicating their plans to depart the dealer group.

“I can confirm that half a dozen or so advisers in Victoria have signalled their intention to leave the group, however, given the structure of RetireInvest, it’s conceivable that some advisers may now prefer to work within a smaller boutique structure,” RetireInvest general manager George Haramis said.

The firm’s more than 200 planners have been waiting several months to view the final details of a new amended authorised representative deed, with the more than 120 advisers who are also franchisees awaiting to view the final terms of their new proprietor franchise agreements.

Haramis said the final deeds are being distributed nationwide over the next few weeks after lawyers representing ING management and RetireInvest’s adviser representative arm, the Proprietary Advisory Council, were able to strike a final agreement on some of the minor clauses in the contracts.

Despite the news of the imminent departures in Victoria, Haramis said there are positives in the group.

“Our alliance team has signed a number of deals with national associations and corporate clients [to offer exclusive advice], and we will look to announce these over coming weeks,” Haramis said.

In addition, Haramis said the group had also struck deals with four practice proprietors across New South Wales and Victoria, which will boost the firm’s adviser numbers by around 10 planners.