ANZ ‘exited’ or ‘performance managed’ 71 planners
ANZ Financial Planning “exited” or “performance managed” 71 advisers in the past 12 months.
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has been told that more than half of those planners being dismissed or resigning.
Giving testimony before the Royal Commission, ANZ chief risk officer, Digital and Wealth, Kylie Rixon acknowledged the rapid decline in planner number at ANZ over the past 10 years and said it had been harder and harder to find the right people.
She said the same decline in numbers had applied from a practice perspective, and that the bank had been active over the past 18 months and that it had parted ways with practices that did not meet the high standards that ANZ expected.
Senior Counsel assisting the Royal Commission, Rowen Orr QC queried the 71 planners who had been exited or performance managed, with Rixon pointing to the processes which had been put in place by the banking group.
However she said she was not aware of a deliberate policy on the part of the bank to reduce the numbers of financial planners.
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