Adviser redundancies confirmed at CBA

commonwealth-bank/CBA/Matt-Comyn/

13 November 2019
| By Mike |
image
image image
expand image

The Commonwealth Bank has confirmed a round of financial advice redundancies is underway.

The big banking group confirmed that it was in consultation with its advisers with respect to what is understood to be fewer than 100 advice and advice-related positions within Commonwealth Financial Planning.

Confirmation of the redundancies has come less than a week after CBA chief executive, Matt Comyn told a Parliamentary Committee of the company’s intention to remain in the advice arena.

In a formal statement, the CBA said that it was seeking to improve the quality of its service and customer experience and therefore needed to “reshape our business model and adviser footprint”.

“We can confirm unfortunately some of our advisers and some support roles are no longer required, while other roles have been reshaped,” it said

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 2 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 2 weeks ago

The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call....

1 week ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

3 weeks 1 day ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

1 week 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5