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".
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