Westpachead of financial planning and advice Brett Himbury left the group last Friday amid news that a new wealth management distribution role would be created within theBT Financial Group.
Himbury says the reason for his departure was due to the wide ranging changes going on within Westpac and despite offers of work within the group he decided not to remain with the group.
“There has been some significant re-organisation within Westpac with changes to how the specialist teams fit in the group. I was asked to consider a different role but I decided not to accept that and instead to leave the group,” Himbury says.
According to a Westpac spokesperson most of the changes are taking place within the business and consumer banking operations which now covers internal advisers in the group.
The moves are part of the ongoing integration following the purchase of BT and Sagitta last year which will see internal advisers ultimately reporting to the new wealth management distributionexecutive inside BT.
BT says the new role, which is yet to be filled, would cover the areas where the two groups cross over and asuch have dual reporting lines to senior BT management and Westpac general manager for business and consumer banking, sales and services, Paul Lilley.
The new role will cover the strategic direction of the bank’s financial planning business which has over 700 planners and cover issues such as recruitment, compliance, training and development and dealer’s licence requirements.
However, Westpac says despite these moves it will also continue to support the many independent financial advisers who make use of BT investment products.
Himbury says he has yet to decide on his next role in the industry but would like to work in a position combining advice and product manufacturing, which he says reflects the sides of the industry he has worked in.
