ANZ ‘exited’ or ‘performance managed’ 71 planners
ANZ Financial Planning “exited” or “performance managed” 71 advisers in the past 12 months.
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has been told that more than half of those planners being dismissed or resigning.
Giving testimony before the Royal Commission, ANZ chief risk officer, Digital and Wealth, Kylie Rixon acknowledged the rapid decline in planner number at ANZ over the past 10 years and said it had been harder and harder to find the right people.
She said the same decline in numbers had applied from a practice perspective, and that the bank had been active over the past 18 months and that it had parted ways with practices that did not meet the high standards that ANZ expected.
Senior Counsel assisting the Royal Commission, Rowen Orr QC queried the 71 planners who had been exited or performance managed, with Rixon pointing to the processes which had been put in place by the banking group.
However she said she was not aware of a deliberate policy on the part of the bank to reduce the numbers of financial planners.
Recommended for you
Rising bearishness among investors has led to a retreat into defensive assets, according to the latest quarterly manager and intelligence trends report from Bfinance.
Cbus Super, the superannuation fund for blue-collar workers, has announced it paid out almost $300m in insurance claims over the last financial year, a rise of $40m from the year before.
The $700 million not-for-profit fund Lutheran Super has announced it is to merge into Mercer Super, with the transfer set to take place in the fourth quarter this year.
Superannuation assets fell 0.5% in value over the 12 months to the end of June, according to the latest quarterly figures from the Australian Prudential Regulation Authority (APRA).
