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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 09:09Liberal Party has done ‘almost nothing’ for advisersBy James Mitchell
- 10:01Better advice complaints resolution needed, says ASICBy Adrian Flores
- 09:57Wealth management holders unlikely to seek adviceBy Sarah Simpkins
- 10 Dec 2018Only 12% of advice practices have exit plansBy Adrian Flores
- 10 Dec 2018CIPRs need to account for future mortality rates, study findsBy Adrian Flores
- 10 Dec 2018Freedom halts selling of life insuranceBy Adrian Flores
- view all