Culling season for Tower, FAI
Products are to be culled as a result of the merger between Tower and FAI Life, according to Tower Corporation group managing director James Boonzaier.
Products are to be culled as a result of the merger between Tower and FAI Life, according to Tower Corporation group managing director James Boonzaier.
"There's no question that there is a certain amount of product over-lap between the two groups. I would expect a fair bit of rationalisa-tion of products," he says.
The group has appointed a special team to review the merged group's products which is expected to report to the newly formed executive team at Tower Life Australia in the next few weeks.
Boonzaier was unable to comment on the number of products to be cut from the merged organisation, saying it was early days yet, but says he feels confident the team will have rich pickings.
"Given both Tower and FAI are quite strong in risk products, particularly individ-ual risk products and individual superannuation products, we feel confident that the quality of the products will remain," he says.
Recommended for you
The popularity of ETFs, which are approaching $200 billion in Australia, is a potential threat to the advice landscape if consumers opt to invest directly, according to this senior partner.
A former AMP financial adviser has urged advisers in the BOLR class action against AMP to object to the “unfair and unreasonable” $100 million settlement sum as the objection deadline approaches on 22 May.
Two Victoria-based financial advice practices have merged and rebranded as Forbes Fava Saville Financial Planning, as the firm realises the benefits of added scale.
The Financial Services and Credit Panel has made its latest ruling over a case involving an incorrect Statement of Advice.