BT announces restructure
BT Financial Group has announced a restructure driven by a desire to earn more of Westpac customers’ superannuation, investment, advice and insurance business as a result of the Future of Financial Advice (FOFA) changes.
The restructure will include a new bank distribution and insurance division to be run by general manager Mark Smith, as well as a new business transformation division to be led by general manager John Shuttleworth, which will focus on designing and building the next generation wealth platform.
A new superannuation and investment business will bring BT Super for Life, Corporate Super and the BT Wrap and Asgard platforms together with Westpac’s investment businesses, including Advance Asset Management, Ascalon and BT Investment Management. This division will be headed up by general manager David Lees.
Westpac will also bolster its private wealth division under Jane Watts to focus on the banking and wealth management needs of the high-net-worth customers of Westpac Private Bank, St George Private Clients and Bank of Melbourne Private.
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