Two RI Advice practices in Burnie and Devonport have joined Tasmanian life insurance specialist Coles Financial Group to form Zenith Wealth.

The long-established businesses will build on their respective advice skills to grow the practice, Zenith Wealth MD Grant Howe says.

“We aim to meet the full range of our clients’ long-term financial advice needs,” he said.

“This merger means Coles’ existing client offering will be complemented by RI’s full holistic financial advice service.”

Recently RI’s Burnie and Devonport offices were appointed to provide financial advice to the eight branches and 37,000 clients of B&E Personal Banking in Tasmania, and the merger with Coles will see the business expanding into Hobart from their northern Tasmanian base.

Mr Howe says the business would also like to grow further, particularly in Launceston.

“We currently operate from B&E Personal Banking in Launceston and we’re looking for a firm in Launceston to align with our model,” he said.

RI Advice Group Head of Practice Development Peter Ornsby says the dealer group will support practices looking to grow.

“Many [practices] are aligning themselves formally with local partners as a way of expanding their client offering and generating additional leads and referrals,” he said.

“Our practices have been proactive in their growth strategies and we’ve been active in providing support to secure these new business arrangements.”