RetireInvest sows the seeds for adviser growth
Greg Dunger
RetireInvest has taken a substantial equity stake in its largest franchise, RetireInvest Parramatta, New South Wales, as part of a strategy to grow the group by growing individual franchises.
The ING-owned dealer group is also currently in discussions with a further two of its leading franchises with a view to taking a partial equity stake in each of the businesses.
The stake in RetireInvest Parramatta is a first for the dealer group since it took a partial equity stake in late 2006 in RetireInvest Dandenong, Victoria, one of its 87 franchises in Australia.
It is part of a broader strategy by RetireInvest to grow its adviser numbers to more than 250 in its 100 locations around Australia this calendar year, up from a current 223.
It also dovetails with the dealer group’s newly announced strategy of moving into estate planning and also addressing the needs of the next generation of clients.
RetireInvest is currently piloting a new sub-brand, RI Advice, which offers financial advice to generation X and younger baby boomers.
Managing director Greg Dunger will also become a director of RetireInvest Parramatta, which has funds under management in excess of $600 million, generated by 12 advisers in its four Sydney-based offices.
He will be joined on the new RetireInvest Parramatta board by ING national finance manager Rob Beattie as well as RetireInvest Parramatta principal Mike Mant and fellow adviser Sue Diserens.
“Becoming a director in the business will allow us as a group to have a much closer relationship with one of our highest-performing practices and its advisers,” Dunger said.
On the other hand, he said the stake in RetireInvest Parramatta would enable it to “grow its already substantial client base as well as to help with its succession planning”, he said.
“We’re looking to introduce five new advisers into the business over the next three years to service existing clients as well as leverage off referral opportunities that have been created.”
AUTHOR
Mike Taylor
Recommended for you
AZ NGA has partnered with an Adelaide-based accounting and financial planning practice as it expands its presence in South Australia.
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
