RetireInvest has undergone a full-scale review of its business operations to establish a more strategic growth plan.
As part of the review, the ING-owned group will remove territory restrictions that align its existing financial planning franchisees to operating within designated postcodes.
“We’re yet to release all the details, but come 1 January different RetireInvest franchisees will be able to operate in the same territories,” RetireInvest chief executive Paul Campbell told InvestorDaily.
Under the firm’s current restrictions, no other RetireInvest business can set up or operate within the same location unless they have an agreement with the existing franchisee.
Campbell, who joined RetireInvest in February from Genesys Wealth Advisers, said the dealer group would continue to transition all practices to a fee-for-service model and focus on expanding its presence in risk insurance.
At this stage the firm’s sub-brand for generation X and baby boomers, RI Advice, is still expected to be incorporated into its ongoing business strategy.
“In the next three to five years we’d like to grow our network from approximately 200 to around 300 advisers and also help existing practices to double and triple in size,” Campbell said.
“We’re not just looking to recruit new practices – we want to help existing practices with any merger and acquisition or hiring plans they have as well.”
RetireInvest has hired a number of new staff members who have moved across from Genesys.
The speculation about former Genesys adviser Ray Miles resurfacing and advisers being poached from Genesys emerged around March this year when RetireInvest hired four investment researchers from Genesys for its new in-house research team.
“Rumours that we’re trying to go after Genesys advisers are not true,” Campbell said.
“I worked with a lot of good quality people during my time at Genesys who obviously think the journey RetireInvest is about to take is an exciting one, which is why they want to come across. As for Ray, he is on a restraint and will continue to be until such restrictions are lifted.”
