CBA hones new advice proposition
By Craig Phillips
THE Commonwealth Bank ofAustralia (CBA) has secured former MLC strategist, Marc Herrmannsen, to head-up its ongoing group-wide advice project. He will also assist in formulating a new advice proposition for its financial planning practice and proprietary-based channels.
Herrmannsen replaces Peter O’Meara following the latter’s reassignment to work on a range of projects within the bank’s broader investments and insurance division.
“Herrmannsen’s main focus will be to assess how we can support the bank’s in-house advisers along with those in Financial Wisdom and the new dealer group we are launching,” CBA executive general manager financial planning and advice services Brett Himbury says.
The bank has been engaged for a number of months in a review aimed at improving its services to advisers by offering better leads management, remuneration structures, technology and training, along with other products and services.
Herrmannsen joins the group as general manager advice models on September 6, and will work within the bank’s financial planning and advice services (FPAS) division.
Previously, Herrmannsen worked at MLC where he was a stream leader on the National Australia Bank-owned wealth management firm’s Amazon Project.
Prior to MLC, Herrmannsen worked in a series of project management positions in both Australia and overseas, including South Africa, Saudi Arabia and the US.
According to Himbury, the appointment will help the group to maintain the strong momentum he says now exists across its advisory businesses.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
