A recent focus on the financial adviser network is paying dividends for ING Direct which is now used by 2400 advisers across 245 groups, with plans for further growth in the coming years, the bank stated.
The recent focus has seen it move quickly up to $1.2 billion in funds through its financial adviser network. The bank has plans to grow this to around $5 billion by 2015, according to ING Direct manager of adviser distribution Rachna Chandna.
After a slow pickup early last year interest accelerated in late 2010 and early 2011, with volatile markets pushing many towards cash-based products. ING Direct also introduced third-party authorisations so financial advisers could call up any time and transact on their client’s behalf, allowing for a faster transacting process, Chandna said.
ING Direct plans to further grow its adviser distribution team and now has a dedicated financial adviser service line. The bank is building further capabilities for advisers, such as data feeds and a dedicated adviser website so advisers can transact and view all balances online, she said.
The most financial adviser interest so far has come from self-managed super fund (SMSF) advisers looking at cash as a starting point to build a portfolio around. The bank is helping advisers with how best to use cash in certain strategies such as aged care, Chandna said.
The bank is currently working with non-aligned platforms but is also starting to attract interest from non-aligned platforms. This means financial advisers can offer the products in the traditional off-platform or through a platform, which can make things easier in terms of administration, she said.
While most financial advisers currently recommending ING Direct products come from non-aligned and boutique dealer groups, the products now appear on the approved product lists of some major aligned groups due to client demand, Chandna said.
