Bendigo and Adelaide Bank has brought its various wealth management services together under the single brand of Bendigo Wealth Management.
The new division brings together the group’s cash, margin lending, managed funds and superannuation businesses. These include Adelaide Bank, Leveraged Equities, Sandhurst Trustees and its new low-cost investment platform Trinity3.
The division will be overseen by current executive of Bendigo wealth John Billington (pictured), who joined the bank six months ago from his role as IOOF general manager, portfolio solutions.
The changes were initiated based on feedback that suggested customers would like to be able to access a full suite of banking and investment products and services under the one umbrella, Bendigo stated.
“Bendigo Wealth as a brand will make it easier for our highly valued distribution partners to explain the product range to clients – and for clients to more easily make the connection to a financial services brand that they both recognise and trust,” Billington said.
The rebranding now connects the various products and services following several mergers, acquisitions and partnering arrangements in recent years, he said.
“We also want to make it easier for financial advisers to not only be able to see the full range of investment solutions we offer, but to make it easier for them when they are having conversations with their clients about our products,” he said.
The bank is currently looking to grow from its current level of around 70 advisers and 50 tier-one staff who are qualified to provide limited, over-the-counter advice, Bendigo stated.
Bendigo managing director Mike Hirst said: “The realignment and expansion of our wealth management operations will see us pursue opportunities that will position the group to manage a greater share of the growing Australian managed investment pool, along with life, risk and general insurance that our distribution partners may have overlooked when dealing with one part of our wealth offering.”
