RI Advice adds three practices
RI Advice Group has announced the addition of three new practices, bringing the group’s total number of advisers to 266 across 132 member firms, up from 200 advisers at the start of 2010.
The practices include Cleland McFarlane Selth, an established medium sized chartered accountancy firm in Adelaide; Insight Investment Services from Gladstone, Queensland (formerly part of accountancy-based group DKM) and former Genesys adviser Kevin Anderson from Chatswood in Sydney.
John Flanagan from Cleland McFarlane Selth pointed to RI Advice’s strong business and marketing planning process as a factor in his decision to move to RI.
Andrew Ghea and Des Young from Insight Investment Services said the group’s resources and the expertise of the dealership team would help them manage the growth of the business.
Anderson cited the strong technology solutions and the expertise to assist in growing the business as some of the reasons he made the transition.
Peter Ornsby, RI’s head of practice development, said RI’s customised Xplan is proving to be a strong drawcard, adding that a good software system can be the difference between servicing 200 or 400 clients without hiring additional resources.
“We are very pleased to be partnering with these new groups and we see their appointments as a further vote of confidence in our ability to provide business growth for motivated planners,” he said.
Recommended for you
As the industry navigates the fallout from recent product failures, two major AFSLs have detailed their APL selection process and relationship with research houses, warning a selection error could “destroy” a licensee.
The impending retirement of financial advisers in their 50s could see the profession face significant succession challenges over the coming decade and younger advisers may not be the answer.
With a third of AFSLs being solo advisers, how can they navigate key person risk and ensure they are still attractive propositions for buyers when it comes to their succession planning?
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
