An increasing network across Westpac’s aligned dealer group and salaried adviser channels has helped BT Financial Group hit $895 million profit for the year ending 30 September 2014.
In Westpac’s financial results report for 2014, the bank reported its Australian wealth and insurance divisions' profit increased 16 per cent on the previous year driven by “improved adviser productivity”.
“Advice revenues were also higher from an increase in customers and improved planner productivity,” Westpac’s financial report said.
“Advice income was up strongly driven by an expanded planner network with continued focus on quality advice,” the report said.
Speaking to ifa, a spokesperson for Westpac said adviser numbers across its banking and authorised representative network have grown from last year.
Across Westpac's internal networks, adviser numbers grew from 560 to 595 while the authorised representative network grew from 622 to 667.
Westpac also said BT’s “consistent focus” on meeting customers’ financial services needs has resulted in “more customers choosing BT for their insurance requirements”.
“This, combined with the expansion of distribution into the independent and aligned planner networks, has led to solid growth of new life insurance business and a rise in market share up 110 basis points to 11.4 per cent,” the report from Westpac said.
“Insurance also delivered a strong performance with cash earnings up 19 per cent supported by a 16 per cent rise in Life in-force premiums and an 11 per cent increase in General Insurance gross written premiums,” it said.
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