RI Advice adds Tasmanian risk practice


RI Advice has added to its stable following the merger of Tasmanian risk practice Coles Financial Group with a local RI franchise.
The Burnie and Devonport RI Advice franchise, on the north-west Tasmanian coast, has merged with former OAMPS risk practice Coles Financial Group. The merged entity will trade under the name Zenith Wealth.
RI Advice head of practice development Peter Ornsby said the merger with a business that is "purely based on risk" reflected the dealer group's move to diversify its client base.
"We had historically focused in that pre-retiree/retiree market where risk needs weren't as substantial. We've diversified our client base. It is where a lot of our businesses are focusing more attention," Ornsby said.
Zenith Wealth chief executive Grant Howes said the merger would allow Coles Financial Group's existing client offering to be complemented by "RI's full holistic advice service".
Ornsby said Coles Financial Group was the second practice to join RI Advice in June, with two more lined up to move over to the dealer group in July.
"Since October last year a new practice has either been acquired by, merged with or joined RI every month," Ornsby said.
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