Westpac confirms BT Wrap migration as priority
Westpac has nominated the acceleration of advice remediation and the migration of BT Wrap customers to Panorama as being amongst its priorities for the current financial year.
In a first quarter update released to the Australian Securities Exchange today, the big banking group also noted the ending of its relationship agreement with IOOF as being amongst the strategic priorities it delivered together with the sale of its NZ Wealth advisory business.
Commenting with the update, Westpac Group chief executive, Peter King said it had been a good quarter or the company with hither earnings, a stronger economy and “solid progress on our fix, simplify and perform strategic priorities”.
The update revealed a first quarter unaudited statutory net profit of $1.70 billion and improved cash earnings of $1.97 billion.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
