Financial planning firm RetireInvest is in the process of piloting a new sub-brand that offers financial advice to generation X and older baby boomers.
The new brand, RI Advice, is being piloted by 12 of RetireInvest’s 87 franchises at 20 offices around Australia in metropolitan and rural locations, RetireInvest managing director Greg Dunger told InvestorDaily.
“We’ve done extremely well and still always will have a strong presence in the pre and post-retiree market, but we also identify that generation X needs to be catered for,” Dunger said.
“And we’re in the perfect position to be able to leverage off our existing relationships with our clients in order to make that happen.”
Dunger sought approval for the new sub-brand from the RetireInvest board late last year.
The new sub-brand will be monitored throughout 2008, with an official rollout date yet to be finalised.
“We’re really looking at a full rollout towards the end of the year, certainly by the start of next year,” he said.
As well as providing wealth creation options, RI Advice will also incorporate advice on estate planning.
RI Advice has signed a number of key alliances, one being Slater and Gordon, Dunger said.
“We also have a number of alliances at a local level with some of our advisers and solicitors who specialise in estate planning,” he said.
“So we’ve really been able to work with those groups and other professions on how we can actually leverage the skill set that they have and how they can work with us with our clients ensuring that they have their estate set up appropriately.”
If the pilot of the new sub-brand was successful, RetireInvest would need to increase its planner numbers to meet demand, he said.
RetireInvest intends to actively recruit advisers, with the dealer aiming to reach 256 advisers this year.
Already this year 28 advisers have joined RetireInvest’s network of planners.
The group has 223 advisers at present.
