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.
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By Pokrajac
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