ANZ announces new loan facility
At a time when planners are struggling to source business loans, ANZ has provided its advisers with some relief by launching a new financial planner loan facility.
The ANZ Practice Funding Facility was created to help the bank's advice businesses grow their client bases and prepare for the Future of Financial Advice reforms, according to ANZ general manager for advice and distribution, Paul Barrett.
"Our advisers need the flexibility to adapt to the new business models required to succeed in a fee-for-service environment," said Barrett.
The funding facility can be sourced through more than 20 accredited ANZ Business Banking Relationship managers, according to the bank.
ANZ claimed that the new funding facility would help advisers grow their businesses by acquiring practices, purchasing client books from retiring planners and refinancing existing business loans.
"Teams across ANZ from Industry Specialisation, Commercial, and OnePath's Advice & Distribution all collaborated to develop and launch the ANZ Practice Funding Facility," said Barrett.
"It will also form an important part of a broader integrated recruitment and succession strategy in development with our aligned dealer groups," he added.
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