Wealth creation and risk management advice will soon be offered through Bank of Queensland branches, business bankers and the private bank following the signing of a referral alliance with Challenger Financial Service’s planning business Genesys Wealth Advisers.
Bank of Queensland managing director David Liddy said the alliance had been successfully piloted in 10 branches and in its business and private banking operations in Queensland over the past two months.
“We have been happy with the results of the pilot to date, with good quality referrals flowing through,” he said.
Genesys managing director Ray Miles agreed the trial, which is due for completion in November, had so far proved successful.
“From our member firm point of view, it gives them an opportunity to get access to clients they wouldn’t perhaps have access to in any other way, so it will actually generate a whole bunch of new clients and therefore revenue through to our member firm practices,” he said.
Miles said there were some regional areas in which the bank had branches where Genesys currently had no practices. Bank of Queensland currently has a network of 177 branches, with 139 located throughout Queensland, with the remainder in NSW, Victoria and the ACT.
The bank has entered into several such alliances over the past three years, already outsourcing management of its ATM network to Macquarie, and supply of its insurance products to Vero, St Andrews, OAMPS and CGU among other arrangements.
“If we can’t manufacture a market-leading product or service, we will find one in the market,” Liddy said.
