ANZ sold OnePath aligned dealer groups (Millenium3, RI Advice, Elders Financial Planning, and Financial Service Partners) as well as the pensions and investments business for $975 million and will enter into a “20-year strategic alliance” with IOOF to make the latter’s superannuation and investment products available to ANZ’s customers, the bank said in a statement.
The move is part of the bank’s strategy to “create a simpler, better balanced bank”, the statement said, and, according to ANZ group executive of wealth Australia Alexis George, will benefit both customers and shareholders.
“Financial services such as superannuation, investments and advice are a core part of the support we provide ANZ customers now and in the future,” Ms George said.
“By partnering with IOOF, we are able to create greater value for our shareholders while also providing our customers with access to quality wealth products from a specialist provider with the right cultural fit, financial strength and digital capability.”
The sale of OnePath P&I and its aligned dealer groups will also provide the bank with “greater flexibility to consider options for the life insurance business”, Ms George said, including strategic and capital markets solutions.
CBA will be next to of load all of their aligned dealer groups
Cementing the well known view of where the future is for Financial Planning. It’s near impossible to run an FP business and be profitable without ripping off your poor clients and slugg8ng then with this ridiculous “fee for service” rort that most if not all clients shouldn’t be paying. ANZ and the other banks all know the future is too litigious and doesn’t pay. Run for the exits FP’s while there are still other FP’s will8ng to buy your business with blinkers on.
Be very very careful ANZ about where u send your clients. Lunatics run the IOOF asylum.
ANZ clients are about to be fleeced like never before – the banks have nothing on IOOF
Been on the cards fo years, that being said all of you bank baskets should. E careful what you wish for, I can guarantee you there is more scope for shady happenings outside of the bank aligned than others, banks have been keeping dealer fees low and competitive and investing in technology that then filters down to the rest of the industry.
Nab is next – who agrees ?
Would you be pondering your future if you were an adviser attached to any of those dealer groups? At least 3 of those dealer groups run at a financial loss, & are propped up by ANZ.
Yes get out now while you still have an asset to off load you pack of … talk about ANZ Agile!
I didn’t know? Phillip A & C are keeping things from me.
Why is that breaking news? Nobody cares
Worst kept secret in the industry.