There has been no announcement about which firm has approached IFG as yet.
A statement from IFG says: "The board of IFG Group plc confirms that it has received an approach which may or may not lead to an offer to acquire the entire issued and to be issued share capital of the company.
"Shareholders should note however that the approach is highly conditional and preliminary in nature.
"Accordingly, no assurances can be given that a formal offer will be forthcoming or that any transaction will occur."
IFG owns James Hay Partnership, an IFP corporate member and one of the largest providers of Sipps in the UK, and Saunderson House, a chartered firm of independent financial advisers.
{desktop}{/desktop}{mobile}{/mobile}
In a statement to the London Stock Exchange today IFG said: "The company notes the share price movement since the announcement of 20 December 2013 regarding a possible approach.
"The company reiterates that the approach received is highly conditional and preliminary in its nature and that no assurances can be given that a formal offer will be forthcoming or that any transaction will occur."
Last week IFG Group chief executive Mark Bourke revealed that he will be leaving next year.
Other companies owned by IFG include IFG UK Pensions Administration, IFG UK Independent Financial Advisory, IFG Ireland Financial Service and IFG Pensions, Investments & Advisory Services - Ireland.