IOOF-aligned dealer group Bridges Financial Services has agreed to purchase the financial planning arm of a well-known financial institution.
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.
Advocacy group Super Consumers Australia has backed ASIC’s action against Equity Trustees, calling for super fund ...
After previously banning four of its advisers, ASIC has continued its enforcement spree on MWL Financial Services for ...
As the financial advice profession still attempts to claw back ground lost in the wake of the royal commission, costs ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin