CBA retains Whittaker Macnaught clients

The Commonwealth Bank (CBA) appears to have retained all clients previously serviced by Whittaker Macnaught - a financial planning business recently shut down by the bank. 

The bank announced 13 of Whittaker Macnaught’s 26 advisers had set up their own businesses under CBA-owned Financial Wisdom, which will provide them with extensive support through the establishment phase of their businesses, including marketing, office space and technology. 

The rest of the business will be picked up by Eureka Financial Group and MSI Taylor - both operating under Financial Wisdom - who will more than double in size as a result. 

Eureka, headed by Greg Cook, will expand into Brisbane and employ some of the former Whittaker Macnaught advisers. 

“We’ve already got a team on the ground in Queensland, most of whom were long-term Whittaker Macnaught employees,” Cook said. “We are very much looking forward to working with them.” 

The business will also change its name to Eureka Whittaker Macnaught. 

Brisbane-based MSI Taylor, headed by Conrad Gilbert, will also pick up some of the businesses, expanding into Gold Coast and will continue to provide advice in accounting, business broking and financial planning. 

“We’re looking forward to working with our new clients and continuing the tradition of quality advice they’ve received through their relationship with Whittaker Macnaught,” Conrad said. 

The announcement is the final step in the bank’s decision to close Whittaker Macnaught and transition clients to receive ongoing advice from practices authorised under Financial Wisdom.