A Tasmania-based RI Advice member firm has signed a joint venture deal and begun acquisition talks as part of expansion plans across the state.
RI Advice Group adviser for Devonport and Bernie Grant Howe said the company was in discussions with RI Advice colleagues based in Tasmania in a bid to meet demand following its alliance with B & E Personal Banking.
"We have entered into a joint venture arrangement with our RI colleagues in Hobart and employed one of their advisers to work the three branches in the south of the state," Howe said.
"We are in the process of looking at opening up an office in Launceston and we're talking to a couple of businesses up there about maybe buying their businesses and expanding into there to help cope with [demand]."
Earlier this month, Howe's RI Advice group entered into an official alliance with B & E Personal Banking.
"We are now the wealth management partner for that business," Howe said.
"We've been very successful in developing strategic alliance partners and we've entered into an arrangement with B & E Personal Banking, which has eight branches and 37,000 clients."
At the time, B&E chief executive Paul Ranson said the decision to partner with a financial advisory group was to fill a gap in the company's service offering.
