ING Australia-owned dealer group Millennium3 Financial Services (M3) has entered into an agreement with research house Morningstar for the provision of financial product and fund research to its financial planners and superannuation advisers.
About 450-500 financial planners from the dealer group have been using the service since last month, an ING Australia spokesperson said.
"There are 850 planners in M3, but some of them are risk advisers," the spokesperson said.
The research agreement comes after ING Australia decided to close down its in-house research firm Financial Facts, which previously supplied M3 with research, the spokesperson said.
Financial Facts is in the process of deregistering and cancelling its wholesale Australian financial services licence.
Financial Facts grew out of an in-house service for RetireInvest, a dealer group that is also owned by ING Australia.
RetireInvest has brought the research services back in-house and hired four former Genesys Wealth Advisers investment researchers last year to support the service.
