The majority of the 28 advisers from soon-to-be-defunct CBA dealer group Whittaker Macnaught are set to be absorbed by CBA-owned Financial Wisdom.
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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
10:47New CEO appointed at Centrepoint AllianceBy Staff Reporter
09:22FASEA education pathways provide certainty: O’DwyerBy Killian Plastow
14 Dec 2017AUSTRAC adds to list of CBA allegationsBy Killian Plastow
09:12Get ‘independent financial advice’: Joe HockeyBy Aleks Vickovich
14 Dec 2017‘Forward-thinking’ advisers drive mFunds growthBy Aleks Vickovich
14 Dec 2017FASEA announces education requirementsBy Killian Plastow
- view all