Financial Wisdom to take Bankwest Financial Advice customers

23 September 2016
| By Malavika |
image
image
expand image

Commonwealth Bank (CBA) subsidiary, Bankwest, will be closing its salaried advice business as the CBA looks to transition to a model where advice will be provided through its Financial Wisdom licence.

The CBA announced the current advice team would be given opportunities to transition to the Financial Wisdom licence.

It also said affected Bankwest financial advice customers would be transitioned to the new model to continue receiving advice through Financial Wisdom.

CBA general manager of bank financial planning, Hugh Humphrey, said: "We are providing the Bankwest Financial Advice team with opportunities across the CBA group, including working with Financial Wisdom businesses".

"Our focus is to ensure customers and team members are transitioned as smoothly as possible."

Humphrey was appointed into the role in December last year. At the time, executive general manager of Commonwealth Private, Marianne Perkovic, had said Humphrey had a "strong track record in leading transformational programs for both retail customers and financial advisers".

Read more about:

AUTHOR

 

Recommended for you

 

MARKET INSIGHTS

sub-bg sidebar subscription

Never miss the latest news and developments in wealth management industry

Squeaky'21

My view is that after 2026 there will be quite a bit less than 10,000 'advisers' (investment advisers) and less than 100...

3 days 14 hours ago
Jason Warlond

Dugald makes a great point that not everyone's definition of green is the same and gives a good example. Funds have bee...

3 days 14 hours ago
Jasmin Jakupovic

How did they get the AFSL in the first place? Given the green light by ASIC. This is terrible example of ASIC's incompet...

4 days 14 hours ago

AustralianSuper and Australian Retirement Trust have posted the financial results for the 2022–23 financial year for their combined 5.3 million members....

9 months 1 week ago

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super. ...

8 months 4 weeks ago

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Moshinsky....

9 months 1 week ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND