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.
Recommended for you
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
Australian licensees are expected to make greater use of custom model portfolios for their clients, according to State Street Investment Management, following in the footsteps of US peers.
Adviser Ratings has argued that it’s time for more advisers to utilise digital engagement tools available to them as a disconnect grows between consumers seeking advice from finfluencers and from professionals.
