Iris Financial Group has swelled its ranks with yet another breakaway member of the RetireInvest dealer group network, RetireInvest Hobart.
Iris commenced operations as a dealer group on April 6 after its formation by a group of 22 breakaway RetireInvest planners from Victoria.
The group claims the addition of RetireInvest Hobart – to be renamed Retirement Tasmania – from July 1 this year will increase its funds under advice by 20 per cent to more than $1.3 billion.
The deal will also bring Iris’ number of authorised representatives to more than 30, reinforcing the claim at its launch to be one of the ten largest independent financial planning groups in Australia.
Chief executive Alan Harrison described the addition of RetireInvest Hobart as a “vote of confidence in the solid progress” made by Iris since its launch.
Harrison said existing members are “firmly committed” to the group, adding that he was “extremely encouraged” by the retention of clients over the launch period.
RetireInvest Hobart principal Scott Donoghue said the decision to join Iris had been taken on the basis of the results of a “recent assessment” of its market.
“We decided we needed to develop our business for the benefit of our clients and identified Iris as the preferred partner to enable us to achieve this,” he said.
