ING Financial Planning (INGFP) has announced a new growth strategy that will now include self-employed advisers.
Currently positioned as a salaried adviser force based in Sydney, the group’s new strategy will see self-employed advisers given the opportunity to join ING Financial Planning as it looks to expand into a national brand.
…ING Australia is recognised as the most trusted wealth manager in the country
Key to the dealer group’s growth strategy is the opportunity to leverage the reputation of the ING brand, according to INGFP General Manager, Simon Micallef, who said that ING Australia is recognised as the most trusted wealth manager in the country (citing independent research by AMR Interactive, June 2009):
“This strength is acknowledged in the industry and our research indicates a desire by many self-employed financial advisers who want to align themselves to ING Financial Planning,” said Mr Micallef.
A key element in the offer from ING Financial Planning relates to its business succession solutions program, an offering which comprises ‘…four unique features’:
Locum service
Self-employed advisers find it difficult to take breaks/holidays away from their business. ING Financial Planning offers to fill this gap for its self-employed advisers through utilising a short term “placement” of salaried advisers into practices to service clients.
Overflow service
Similar to the locum service, INGFP proposes to provide support to its self-employed practices during peak periods with short-term placements. This placement could cover peak business activity periods, a temporary staff shortage, a family emergency or illness.
Active succession planning
INGFP advises some of its salaried advisers are ‘maturing’ to a point in their careers where they want to take greater control of their own business. These advisers are presented as an active source of potential future successors for self-employed advisers who are seeking to exit the industry at some point.
Business succession program – guaranteed buy-back
The dealer group’s business succession program will offer a guaranteed buy-back of the financial adviser’s client book (subject to terms and conditions).
According to Mr Micaleff, the dealer group’s inclusion of self-employed advisers into its new model provides:
- A career progression for salaried advisers
- An infrastructure that supports future acquisition
- A competitive dealer services offer
- A nationally recognised and valued brand
“Our intention is to actively recruit new practices, leading to national coverage for the ING Financial Planning brand by 2012 and a significant increase in both salaried and self-employed advisers,” said Mr Micallef.
An ING spokesperson confirmed to riskinfo that ING Financial Planning is aiming to have a national team of 100 authorised representatives, both salaried and self-employed, by 2012.
