CBA’s Austin to be replaced

CommonwealthBank (CBA) head of financial planning Geoff Austin will be replaced this week after two years at the helm of the group’s advisory business. AsMoneyManagementwent to print, the CBA had not announced details of a replacement.

Austin, who as executive general manager for financial planning and advice services, was responsible for about 1,000 CBA affiliated planners and will now take on a new role within the bank’s retail division. Austin will be executive general manager mortgages and investments.

According to a CBA spokesperson, the new role covers the whole of CBA’s mortgage wealth section and includes home loans and personal loans. Austin will also be responsible for what is known inside the bank as its ‘wealth builder’ operations, which cover all bank-based investment products and facilities.

Austin joined the bank in 2001 fromTowers Perrin, where he was a senior consultant. Prior to Towers Perrin he was head of Lend Lease Advisor Services — a role he left in 1999 to join the asset consultant.

Austin and group executive investment and insurance services Stuart Grimshaw, who Austin reports to, were both unable to comment on a succession plan, as they were both overseas in Canada at the time of going to press.

Back in March CBA purchased, for an undisclosed sum, the portion of wholesale wrap platform providerAvanteosit did not already own through Colonial First State, which had held just under 50 per cent of the group since April 2001.

Avanteos is likely to be rolled out to the Commonwealth’s three dealer groups —Commonwealth Financial Planning,Commonwealth Financial SolutionsandFinancial Wisdom.

The Avanteos management team did not change following the purchase, but the board was restructured after the CBA nominated six board members, two of them executive directors of Avanteos.