CBA has confirmed to ifa that Bankwest is closing down its salaried advice division.
All of Bankwest’s salaried advisers have been given the option to move to roles within other CBA licensees, including Financial Wisdom.
CBA general manager of bank financial planning Hugh Humphrey said the bank has been informing Bankwest’s financial advice clients about “a new way they can gain access to financial advice services”.
“Our focus is to ensure customers and team members are transitioned as smoothly as possible,” Mr Humphrey said.
“Over the coming months, we will transition to a model where advice will be provided through self-employed businesses operating through Commonwealth Bank’s Financial Wisdom licence.
“We are providing Bankwest’s financial advice team with opportunities across the CBA group, including working with Financial Wisdom businesses.”
….And whats the bet that Financial Wisdom will be sold, leaving the advisers to fend for themselves and and seek a non-bank dealer group or apply for the own license. You can see it coming !
How is that bad thing?
transferring responsibility for customer’s money to a flawed licencing system which can be cancelled, withdrawn or sold off to a third party.
Clearly the days of flogging $3000 soa fees and charging like wounded bulls for basic advice are over for this bank. The ripple effect will continue throughout the industry as clients get smarter, stop getting ripped off & sack pointless advisers.
unbelievable – I am not sure the bankers will want to refer their clients to an external IFA even though they will tell the clients and bankers that they are aligned – if I was a Financial Wisdom Planner I would get as many clients as I could in to my business from Bankwest and then cross sell mortgages etc via a broker – build up a book of recurring income and then change licensee – typical bankers – clueless
Hope you’re not a financial planner.
good