Adviser redundancies confirmed at CBA

13 November 2019

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.

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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

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You should make redundant first ALL the CBA Head Office AFSL staff because they are hopeless (in particular those who do not have any financial planning qualifications and experience). I can supply a list for you if you like?

Yes please provide the list. Many thanks

Also many going through the same thing at nab financial planning.....

and maybe the original architects of the flog culture and FFNS senior execs that jumped ship before the Titanic went down are held accountable in line with the bottom rung that now reside in Pentridge - would you like a list of these too?


"Reshape".... the new CEO buzz word for bullshit bingo. This guy is a snake.

When he first started as a grad at the bank his first job was to sack people, been doing it ever since. Every 12 months the bank cuts dead wood , its part of the process. They get new grads and so forth in, sack the oldies nearing retirement, so you replace "expensive" staff that you have burnt out over the years with"cheap" new staff that arent jaded yet, and on it goes. Thing is, pretty soon he will be the one getting the sack himself, so it will go full circle.

How in the hell do senior bank executives sleep at night? They've cocked up a once-great profession, destroyed their customers with their antics and now continue to peddle absolute 'twaddle' as a modern take on financial advice! Haven't they done enough damage? Can't they just fade into oblivion and leave the running of the banks in the hands of knowledgeable adults.

Ignorance is the new excellence. Think (or don't) like Kanye & Kim.

40 years ago i dropped my first 50c given for my birthday into a CAN bank account. 35 years later I closed the account taking back thousands from the same account and bank , except its now called the CON bank. A bank that has a face with no heart.

As has been previously suggested, how about ANY Licensee staff involved with the advice process also having to meet the new FASEA education standards? Particularly mid and senior level management. That would help sort those individuals who are only interested in making short term 'performance-based' bonuses from those who are in advice as a longer term career. Sadly the advice industry is still littered with policy-making managers that aren't even close to RG146 standards let alone the new FASEA benchmark.

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