ANZ rolls out OneAnswer to bank planners
THE ANZ Banking Group will roll out its own version ofING’s OneAnswer to its 320 bank-based financial advisers.
While the product is similar in name and structure to the low-cost platform already available in the market through ING, ANZ says this particular offering will have a different investment menu designed for clients seeking advice through the bank.
ANZ’s OneAnswer will provide access to 41 investment options across a range of asset classes, investment styles and fund managers.
It has split these along target markets and will offer an investment portfolio option for medium-term investors, personal super for the self-employed or investors who want to add to superannuation, and an allocated pension option for pre and post-retirees.
ANZ managing director of personal banking Elmer Funke Kupper says the platform will also make use of a ‘plain English’ Product Disclosure Statement (PDS). He says the launch of ANZ OneAnswer reflects the preference among investors for retail investment platforms providing choice without complexity.
The low-cost platform is the first product developed for ANZ customers as part of the wealth management joint venture between ANZ and ING, which was set up in April last year.
At the time, ANZ made a capital injection of $960 million and rolled in its own wealth management business worth $879 million, and in turn, picked up 49 per cent of the joint venture funds management and life insurance vehicle, ING Australia.
Interestingly, ANZ planners were not included in the deal and have remained separate from the joint venture since it was created, a move which is further reflected in the badged version of OneAnswer the planners will use.
AUTHOR
Jason Spits
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