The company had an application approved in January, with IP managing director Santi Burridge telling InvestorDaily the aim is to provide a solution to financial planning firms with which it currently has a close relationship, rather than launch a traditional advice licensee.
“This was a move predicated by the IP board looking to consider different growth options for the future due to the stranglehold institutional licensees have on what advisers can and cannot recommend,” Mr Burridge said.
“However, the move was also as a result of the many requests from advisers who were being frustrated in their desire to use IP but not wanting to be their own licensee.
“We consistently have come up against the institutional conflicted platform model where institutional licensees have tried to limit or in some cases not allow IP’s use only for the reason that it is not on their platform.”
The company’s board – which includes former BlackRock Australia managing director Adam Seccombe and former AMP Financial Planning managing director Greg Kirk – have a sound understanding of financial advice and are well equipped for the new venture, which will operate under the name of Implemented Advice, Mr Burridge said.
Brisbane-based AIP Wealth Management is the first financial planning firm to operate under the licence.
AIP principal Anthony Isaac told InvestorDaily the move has allowed him to provide a more “consistent and scalable investment experience” to his clients.
