Western Australian financial services group BankWest has launched a new financial planning company — BWA Financial Services — targeting a broad spectrum of its existing customers in the Western Australian market.
BankWest, which holds more than 25 per cent of the retail banking market in WA, will offer a wealth management service through BWA to clients with both simple and more complex financial planning needs in the state.
BankWest director wealth management and insurance Robert Marie says BWA services will be delivered through the bank’s branch network and will complement the personal banking products already on offer.
He says the wealth management sector is strategically important for the group, adding the launch follows the recent completion of the sale of BankWest’s 50 per cent stake inPlan B Financial Services.
“We had a referral relationship with Plan B, but that was made more complicated through FSR, and for the growth prospects of the bank going forward it was seen as better to internalise the service,” he says.
The group will start out with six planners in Perth, but Marie says it plans to grow this number organically over the next 12 to 18 months through its 80 points of service in WA.
Marie says the group faces the challenge of marrying its service offerings across its broad customer base, and adds that it will be catering to both smaller and larger retail and business clients, however it will have a particular focus on the retail market for the first 12 months.
Marie says a renewed optimism in domestic and international equity markets and expected strong growth in initial public offerings in 2004 also made it an ideal time to be launching the group.
