IRIS seeks a parent
The directors of IRIS Financial Group are seeking a strategic partner or parent to buy into their business.
IRIS chief Alan Harrison stressed that the company has a sustainable model and that the reason behind the move is the potential for bigger growth.
"We have grown steadily over the past five years, but looking forward, the scale and availability of resources are going to be a determinant of success for a company our size," he said.
He said the board has not yet approached a prospective partner and that no one is being ruled out.
"In the current market environment, different companies offer different advantages and disadvantages," he said.
"It's really a matter of sitting down and having a detailed discussion about next steps," Harrison added.
Many mid-tier financial planning practices are grappling with proposed regulatory changes facing the industry, including the potential removal of volume rebates.
Harrison said this was one of the Board's many considerations in determining the next moves for the company.
IRIS currently has 24 stakeholders and has been working on its strategic direction with corporate adviser Bob Neill from Seaview Consulting.
The board has been considering its future steps on an ongoing basis over the past couple of years.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
