BT signs off on distribution team
The incorporation of bothBTandSagitta Rothschildinto theWestpac Bankfold came one step closer to completion today, with the combined group finalising the design of its all important distribution team.
The team, to be headed by BT's Chris Freeman, will be split across five distinct distribution channels - corporate super, wrap, phone-based business development, independent financial advisers (IFAs) and the Westpac Bank's adviser network, Financial Planning and Advice.
Each of the distribution channels will be supported by state-based sales forces, each headed by a separate state manager in New South Wales, Victoria, Queensland, Western Australia and South Australia.
The shape of the team was determined by a distribution integration task force formed shortly after Westpac's acquisition of BT in August. The task force included three representatives from Sagitta Rothschild, four from BT and five from Westpac.
Sean West and Geoff Peck, both from BT, had been confirmed as the heads of the wrap and corporate super distribution channels respectively. Both positions were uncontested, with neither Westpac nor Sagitta Rothschild devoting significant distribution resources to either of the two areas.
Sagitta’s Justin Greiner and Leah Waldie have been appointed as the heads of the Financial Planning and Advice and phone based business development channels respectively, while BT’s Damian Murphy will head the IFA channel.
However Freeman has confirmed all these positions were hotly contested as applicants from BT and Sagitta Rothschild vied for a limited number of roles in the upper echelons of the consolidated distribution team.
According to Freeman, there were five applicants alone to head up the IFA distribution channel. However this did not include the former head of retail at Sagitta, Chris Larsen, who has chosen to leave the group.
"If you think about Rothschild and BT, they have high levels of duplication, and therefore you would expect a lot of competition for positions," he says.
The state managers for the combined group will be Andrew Hall in NSW, Steve William in Victoria, Mike Parker in Western Australia, Angus Mcleod in Queensland and Tim Rogers in South Australia, all ex-BT staff.
The heads of each of the distribution channels will select the remainder of their state-based sales forces from a range of BT and Sagitta Rothschild candidates by mid December.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
