Industry Fund Financial Planning (IFFP) will target high net worth individuals launching a service to this market.
IFFP head of practice Frank Gayton will be responsible for the new service.
"We decided to launch the service following demand from our members and superannuation funds," Members Equity executive manager David Haynes told InvestorDaily.
He said that superannuation funds now have many members with large account balances.
"Previously we focused on pre-retirement products and services. Now that many members have large superannuation balances, it is important that we provide services that meet their needs," he said.
IFFP has tripled in size over the past three years. The firm manages about half a billion a year in funds under advice.
In response to this growth, the firm has also hired Tony Clarke as the national practice manager for operations. Clarke will be responsible for staff, budget and the financial management of IFFP.
IFFP works on a fee-for-service model and services 31 industry superannuation funds. In July 2006, the company was absorbed into Members Equity Bank as part of a $26 billion merger between its parent, Industry Funds Services, and Members Equity.
