CFS separates distribution and marketing
Colonial First State (CFS) has undergone a slight restructure which has resulted in the separation of its marketing and distribution divisions.
The move will see Matthew Harrison head up the distribution team while Geoff Peck takes charge of the marketing division.
The move, according to Peck, was due to the changing dynamics of the market such as the impact of regulatory reform on the advice industry and the fact that CFS now manages a number of different brands on behalf of the wealth management business.
The distribution strategy will have a heavy focus on the independent financial advice (IFA) sector by way of building partnerships.
“We have an opportunity to aggressively accelerate CFS’ distribution strategy of developing holistic business partnerships with financial advisers,” he said.
Harrison, who will be reporting straight to CFS executive general manager Linda Elkins, said the restructure gave him the ability to “champion the IFA voice”.
“There is a real need to be specialised and given the strategic natures of both functions - the strategic nature of marketing and our intention to continue to partner with IFAs in the market - we thought it would be the best thing to do to separate the two divisions.”
The intense focus on this sector is paramount in an environment where market conditions are ever-evolving and client needs have changed significantly, Peck said.
“The face of Australian financial planning is changing and now is the time to strip out a dedicated team in the business that is 100 per cent focused on advisers,” Peck said.
As part of the restructure, the CFS Client Services team will also experience a revamp with the introduction of a so-called 'centre of excellence’ model, which would focus on customer service, speed and accuracy.
Recommended for you
Several wealth management companies have been shortlisted in the second annual Australian AI Awards program, which champions individuals and organisations pioneering Australian AI innovation.
Women are expected to inherit US$124 trillion through the intergenerational wealth transfer, but Capital Group has found they are twice as likely to rely on social media for advice over a financial adviser.
Challenger Investment Management has raised $350 million during the offer period for its new ASX-listed investment structure.
A week after Lonsec downgraded multiple funds from Metrics Credit Partners, rival research house Zenith Investment Partners has opted to retain its ratings for the same funds.
