Commonwealth Bank Wealth Management Advice announced the decision to close the Whittaker Macnaught licence on 30 April, with the business set to close its doors at the end of June.
CBA purchased the Queensland-based dealer group as part of the bank’s acquisition of BankWest in 2008, and sunk $3 million into the AFSL last year in order to keep it compliant.
Thirteen of the former Whittaker Macnaught advisers will set up their own practices under the Financial Wisdom licence from 1 July this year.
According to a CBA statement, the 13 advisers establishing new practices will continue to work with clients in Brisbane CBD, Maroochydore, Mount Gravatt and Mackay.
Four of the 28 advisers will be moving over to Queensland-based Financial Wisdom practice Eureka Financial Group, according to the Eureka chief executive Greg Cook.
The group, which has been rebranded as Eureka Whittaker Macnaught, will double its scale as a result of the acquired client books, added Mr Cook.
A number of Whittaker Macnaught clients have also been acquired by Queensland-based MSI Taylor, which moved over to the Financial Wisdom licence earlier this year, IFA understands.
The remaining Whittaker Macnaught client books have been acquired by other advisers, according to a CBA spokeperson.
Whittaker Mcnaught had $1.1 billion in funds under advice as at 30 April 2013.
I would like to register a protest about the manner in which my personal records were allegedly passed onto a new financial advisor. I received a letter dated 1st July 2013 which I received on 29.07.13. It contained the information that if no notification from me was received ‘in writing within 7 days of the date of this letter’ Financial Wisdom would proceed with transferring my records to Financial Wisdom.
Is this good enough????
The answer to my thinking is [b]NO![/b]
Please contact me as soon as possible as I wish to be informed properly as to what I can do to ensure my records are not passed onto other businesses or people.
MJ Moss
Well done FOFA, more evidence of vertical integration into the Banks. ‘At ASIC, we’ll save you!’