Mr Yetton will join after two years as chief executive and managing director of SocietyOne. Prior to that, he spent more than 20 years at Westpac and BT Financial Group, including as group executive of Westpac’s retail and business banking business, CBA said in a statement.
His appointment is also subject to regulatory approvals, including any applicable APRA registration requirements, CBA said.
Mr Morgan is currently CBA’s chief financial officer for wealth management. Prior to this, he was CFO for the business and private bank and Bankwest at CBA, and has over 25 years’ experience in the financial services and property sectors, including at Lend Lease Corporation, National Australia Bank, Radian and Perpetual.
CBA chief executive Matt Comyn said the appointments, effective 1 December 2018, will help drive NeweCo’s strategy and future potential.
“The appointments bring an important mix of external and internal experience, as well as a deep understanding of wealth management and financial services, to lead the new entity,” Mr Comyn said.
“Jason is an accomplished leader, with deep wealth management and broad financial services experience. He is well positioned to lead NewCo and will be strongly supported by Andrew.”
The appointments follow CBA’s commitment in June to demerge its wealth management and mortgage broking businesses, which includes Colonial First State, Count Financial, Financial Wisdom, Aussie Home Loans and CBA’s minority shareholdings in ASX-listed companies CountPlus and Mortgage Choice.
CBA said the demerger of NewCo is subject to shareholder and regulatory approvals under a scheme of arrangement and, if approved, is expected to complete in late calendar year 2019.
Further, CBA said Colonial First State Global Asset Management (CFSGAM) will no longer form part of NewCo, following today’s announcement of an agreement to sell CFSGAM to Mitsubishi UFJ Trust and Banking Corporation.
As a result of the agreement to sell CFSGAM, the candidate non-executive directors that had been identified for NewCo will no longer continue in their positions.
“I thank John Mulcahy and the other candidate directors for their contributions during this time. Under John’s leadership, they have played an important role in achieving the successful sale outcome for CFSGAM,” Mr Comyn said.
“A new board for NewCo will be established in advance of the proposed demerger.”
With all these companies being brought by the Japanese firms will the head of the FPA be learning Japanese now? After all as a product manufacturer in Australia you do have to pay them money to “help shape the direction of Advice in Australia” We know how that has worked out for us.
Bribe O Kudasai ?
I hope that this doesn’t come out sounding competitive or like I’m dancing on the Bank’s grave (then again it is Halloween) but is this a sign that the Independent Movement is…what’s the word I’m looking for…WINNING..?
Odd comment. There are plenty of Independent advisers that use products owned by Major Banks. To link the success and or failure of independent advisers to a product suggests a very product oriented solution is being used in the first instance.
Using a bank for their products, no objection there Anne. The point I was trying to make was that less and less Australians are using the bank for advice. The banks are getting out of financial advice because they’re losing the battle. The Independent Movement is winning just a little more every time the banks retreat their resources from giving advice. Yeah?
Fair point. I stand corrected. My apologies.
I suspect the Industry Funds are winning the battle over both the Independent and Banks – but no one seems to care about that. Tell me, if I get “advice” from an Industry Fund, what product will “their” Adviser recommend?
Well, actually, as the industry “leader” the FPA was and is very much at the heart of the culture created by conflicted commissions, because it supported them when real leaders had abandoned that practice for at least a decade and a half and because its style-rather-than-substance approach that saw it more aligned with the big end of town than actual IFAs. I’d guess that the FPA was about 60% funded by the big banks so yes, they should have been held responsible for allowing those banks to drag our industry into the mud.
Does anyone have stats on how many people have not renewed FPA membership?????
We hear how many advisers have left certain dealer groups but what about the numbers at FPA and AFA??? cheers
Hopefully none of the grandfathered CFPs have renewed. They keep threatening to, but continually hang around like a bad smell dragging everyone else down. Just leave!
What do you bring that is so special?
CFP a sign of advisers who belong to an organization that receives payments from product manufacturers. shame on you. Haven’t your fellow members been accused of taking bribes (NAB), making false statements to ASIC (AMP) charging dead people fees (CBA)? I think the only ones bringing the FPA down are those members who remain complicit in the behavior of their fellow members. I suggest you work on getting your own house (FPA) in order before throwing rocks at advisers.
Many of the advisers need to keep the AFA or FPA membership simply to meet the TPB requirements. They dont give a stuff about the associations, its just another fixed cost they have to pay to keep operating. They have no other choice unless they go and more courses and meet the other TPB requirements.
There is plenty of scope for values driven quality advice delivered in the best interests of the client. Ethical client centric businesses will rise to the fore in this environment of the future.
The FPA’s failure is not that it raised the bar but that it did it too slowly and allowed itself to be influenced by corporatised advice. Training and qualification requirements did not rise quickly enough and professional standards were given lip service. Steven has it all the wrong way around in my opinion.
Getting the message where Financial Planning is heading people? It’s a risky, unviable, compliance burdened litigation minefield that will drive you mad if not broke.
Good job FPA. You can pat yourself on the back for destroying an industry with compliance and red tape not to mention deserting your members and destroying the value of their business. Take a bow FPA.
Yeah sure, like the FPA is at the heart of all these advice failures.
When you claim to represent advisers to Treasury and get kick backs from Product Manufactures then Yes…they have contributed.
Things that are probably the fault of the FPA;
1. The State of the entire Advice Industry (it’s not like the RC figured out it’s the Banks/AMP fault right?)
2. The Bay of Pigs and the JFK Assassination Conspiracy
3. Roswell (Area 52)
4. The ending of the last Bachelor series (Honey Badger – definitely a policy failure there)
5. The rise of vacuous, one dimensional Instagram people and phone Zombies
6. Sydney House prices
7. Your car breaking down, wife leaving you or dog dying
8). FASEA, CBA blames planners and the FPA (fearful of upsetting a major funding partner) issues a press release of support in return for new members as opposed to blaming poor management. A month later we have a parliamentary inquiry and we get FASEA.
9) Opt in, FPA gets payments from Banks and makes representation to a Labor Government…result only one outcome.
10) Reputational damage to all planners by taking 12 months to hear a complaint re Sam H.
I can go on and on and on.
In the words of the Banks “we don’t need a Royal Commission” In the same words by the FPA. “We don’t need a Royal Commission” …. On your logic Bad country Song I’ll just keep paying my FPA fees and expect the same result.