Credit Union Australia has announced it will sell its advice arm, CUA Financial Planning, to Bridges, allowing the credit union to focus on its “core business”.
“Following a comprehensive review of the market, Bridges was chosen for the right commercial terms, their ability to transition customers and staff and, of course, their commitment to the customer-owned banking sector,” said CUA chief executive Chris Whitehead.
“Bridges already provides financial planning services to approximately 80 per cent of the mutual industry and understands and respects the principles of customer-owned banking, which are very important to CUA and our customers.”
Mr Whitehead said the divestment of the financial advice arm is part of the institution’s “overall strategy” and that CUA will be speaking to Bridges to ensure “financial planning remains a key component” of its service offering.
More to come.
Kel – most of the advisers are ok. It’s the Bridges rules that insist on the advisers using their own products. I’ll bet your wife is in “The Portfolio Service” which is their own product, too expensive and horribly outdated. If the advisers try to use another platform they are sacked and then it’s lawyers at 20 paces if your wife tries to move with the adviser.
Top decision I reckon. My wife has a Bridges Fin Planner through her membership of NSW Teachers and though other associations I know of, Bridges are high on my list – can’t keep everyone happy though – Pleased CUA member.
Ask Heritage Bank if Bridges are to be trusted….
Poor choice CUA. If you think Bridges cares about the customers you didn’t do a lot of homework.