Bendigo Bank forms new wealth management division
The BendigoBank has consolidated its existing financial planning subsidiaries under a new division, Bendigo Bank Wealth Management, ahead of a planned launch into Queensland.
The bank has already begun advertising for financial advisers in Queensland, where it expects the new wealth management division to establish a financial planning sales force capable of operating across its 51 branches in the state.
The move by Bendigo to consolidate its financial planning operations under the new wealth management unit follows the announcement last week that the bank had bought back the 50 per cent stake in the financial planning joint venture it owned with IOOF.
The joint venture business, Bendigo Investment Services, which had some 20 financial planners operating through the bank’s 110 branches in Victoria, will now be rolled into Bendigo Bank Wealth Management.
The group’s other financial planning business in Victoria, Morley Securities, as well as the financial planners operating out of Bendigo Bank branches in South Australia, will also come under the new wealth management division’s umbrella.
The rollout of the new wealth management division will be accompanied by the launch of four new investment funds by the bank.
A spokesperson for the bank says the four new products will include a conservative, balanced, growth and future leaders fund, all of which will be distributed through Bendigo Bank Wealth Management.
News of the new funds comes as Bendigo is poised to sign a funds management joint venture with IOOF.
As reported byMoney Managementlast week, the bank is expected to sign up the group to provide all its funds management operations, including product development.
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