Farming lobbyists the Western Australian (WA) Farmers Federation are forming a joint venture with IOOF owned Consultum Financial Advisers to service the farming sector.
Consultum's Perth-based operation, led by Mike Jones, will be renamed WAFarmers Financial Services and specialise in life-stage financial planning for its clients.
"We will provide traditional advice for increasing wealth and also help the farmer protect their assets through insurance," Jones said.
According to Jones, the new fee for service operation will also look to develop off farm assets investment strategies for the farming community, providing tax efficient environments to invest in.
"These are critical times for farmers, and there's never been a time when financial advice was more necessary," WAFarmers Federation chief executive Doug Parker said.
"Although the economy, drought and salinity are beyond the control of our members, financial security and control need not be," Parker said.
