Investec sale to boost adviser banking push
Specialist banking group Investec will boosts its push into offering banking services to financial planners as a result of the upcoming sale of its professional finance and specialist lending business to the Bank of Queensland.
Investec Bank head of IFA distribution Gareth Bird said the sale would not alter its’ offering of personal banking services specifically targeted at the financial planners but would offer further opportunities to target the sector.
“The Bank of Queensland deal provides the infrastructure and balance sheet for our personal banking push towards advisers and we expect to have a larger offering to niche markets in areas such as loans, credit and personal banking,” Bird said.
Investec first began offering banking services to financial planners late last year with Bird stating the bank had developed its adviser offering based on models used with other professional sectors, such as doctors, to which Investec has already been offering services and products in Australia.
While Investec did not yet offer business lending Bird said it was likely that after the completion of the sale that it would be available within the next two years.
“An opportunity lies within the aging adviser population but at present our focus lies on transactional banking. We aim to be the primary banker for advisers and hope to compete with the 'big four’,” Bird said.
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.
