Flowers Financial Group has entered into a strategic alliance with Ipac Securities with a view to growing the financial planning arm of its business.
To date, the cornerstone of Flowers’ business has been to position itself among those people in the medical profession in order to service their financial advisory needs.
The group’s financial planning area currently has five advisers, and the business is responsible for $200 million in funds under management.
Flowers has aligned itself with Ipac specifically to take advantage of the firm’s solid track record in building relationships and providing advice to senior executives, which was seen as a good fit with its own medical client base.
Flowers executive chairman Nigel Flowers said: “Many of our early clients are now well established and require a broader range of financial planning services. By partnering with Ipac, we can streamline the way we deliver these services and further enhance our offer.”
Ipac business partnering director Suvan de Soysa said Flowers’ decision to form an association with his organisation was a more logical decision than trying to consolidate their niche offering alone.
“Flowers has a well developed business model in this market segment. We can help them grow by using our advice model, tools and practice management support. In return, we can see how they deliver to the unique needs of these clients. This knowledge can be shared across our adviser community,” Soysa said.
