Like other banks, but just different
ANZ Funds Management (ANZFM) has established a new distribution network which more closely resembles that of the other major banks.
From February 1, John Lio, the head of ANZ's financial planning sales force, will report directly to Australasian branch network managing director Larry Crawford. Lio previously reported to ANZFM managing director Peter Jonson.
The move is intended to improve ANZ's focus on distribution and is "evolutionary rather than revolutionary" according to Phillip Meyer, general manager of business development and professional markets at ANZFM.
"It is something we have been thinking about implementing for some time," Meyer says. He added that while ANZ's new distribution structure is similar to that operating in other banks, the bank is not seeking to duplicate their approaches.
Meyer says the new structure is aimed at streamlining the sale of products through ANZ's branches, which will improve the bank's focus on distribution.
Under the new structure, ANZFM advisers will fall under the same umbrella as financial advisers working in ANZ's personal banking division. The two groups will form what Meyer calls "one total group of people dedicated to sales and service" across the bank.
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