ANZ has announced it will restructure its wealth management business, with the changes to include the departure of group executive of wealth, Joyce Phillips, and the transition of ANZ Financial Planning.
In a statement, the bank said it will "simplify" its approach to wealth management and align the wealth products and services with its retail and commercial business.
As part of the restructure, Joyce Phillips will depart ANZ to "pursue her successful financial services career". Other changes effective from 12 March include the transition of ANZ Financial Planning into the retail distribution division.
These changes come as ANZ focuses on growing its insurance, superannuation and investments product business, which will be known as Australia Wealth and will be headed by Alexis George, currently managing director of insurance.
ANZ chief executive Shayne Elliott said: "Over the past decade, ANZ has made significant investments in its insurance, superannuation and investments business to consolidate its position as a leading player in Australia and New Zealand with strong market shares in key segments.
"These changes generate more value for our 8 million customers by making it simpler and more convenient to access wealth solutions through closer coordination and alignment of our wealth and retail products. The changes help us unlock more potential from wealth and reduce complexity, duplication and cost across our business," he said.
"The simplified approach also provides the opportunity to focus on improving returns and capital efficiency from our insurance, superannuation and investments product business given higher regulatory capital requirements."
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 19 Oct 2018Life insurer fires 50, kills outbound sales businessBy James Mitchell
- 19 Oct 2018Strategic plan for AFCA releasedBy Eliot Hastie
- 18 Oct 2018Clique Paraplanning launches practice portalBy Reporter
- 18 Oct 2018Challenger announces new Netwealth dealBy James Mitchell
- 18 Oct 2018Aussies say royal commission won’t change their view of adviceBy James Mitchell
- 18 Oct 2018Hire younger advisers to get younger clients, paper suggestsBy Adrian Flores
- view all