Bankwest to close advice division

Bankwest is in the process of closing its salaried advice division, with affected customers to be transitioned to CBA licensee Financial Wisdom.

CBA has confirmed to ifa that Bankwest is closing down its salaried advice division.

All of Bankwest’s salaried advisers have been given the option to move to roles within other CBA licensees, including Financial Wisdom.

CBA general manager of bank financial planning Hugh Humphrey said the bank has been informing Bankwest’s financial advice clients about “a new way they can gain access to financial advice services”.

“Our focus is to ensure customers and team members are transitioned as smoothly as possible,” Mr Humphrey said.

“Over the coming months, we will transition to a model where advice will be provided through self-employed businesses operating through Commonwealth Bank’s Financial Wisdom licence.

“We are providing Bankwest’s financial advice team with opportunities across the CBA group, including working with Financial Wisdom businesses.”

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