Richard Morice, head of cash solutions at Adelaide Bank, said he hoped other organisations would follow the bank’s lead.
“We understand that our success is dependent upon the success of our partners – and that we respect that the primary relationship is between the adviser [our partner] and their client. Further, the client has obviously made the decision to take advice and to do so through their adviser,” he said.
“It is therefore counter-intuitive to damage our relationship with our adviser base by attempting to cross-sell our own products or services to our partners’ clients,” he said.
Adelaide Bank provides a third party cash and term deposit offering that is purpose-built and operated to meet the needs of intermediaries, such as advisers, and their customers.
Mr Morice said the bank has made a commitment to advisers who are members of the AIOFP.
“The decision to offer the commitment to ring fence clients to AIOFP members wasn’t a hard one because it is fundamental to what we do,” he said.
“We respect that our customers will choose to bank with us in different ways. Where our intermediary partners bank with us via our Adelaide Bank cash offering we are delighted to offer our commitment to the AIOFP members’ that we will ring fence their clients and not cross-sell, or market, our own products to their clients.”
