BT restructures advice and wealth business

The company said both the provision of advice and the way clients sought to access it were “rapidly evolving” and the changes are an extension of BT Financial Group’s efforts to “expand its advice offer from traditional face-to-face holistic advice to now cover general and single topic advice”.

The new structure will split client-facing advice businesses out into the newly created advice and private wealth division, which the company said “will leverage the expertise of BT Private Wealth”.

The new division will be led by Jane Watts.

The remaining businesses, which include those providing general advice via phone and digital channels, will be moved into customer service areas within the business’ chief operating office, led by chief operating officer Andrew Walker.

BT Financial Group chief executive Brad Cooper said both Ms Watts and Mr Walker were “passionate” about their roles, and the restructure will bring “greater focus” to the two parts of the company’s advice business.

“Under Jane’s leadership, BT Private Wealth has become the number one private banking business in Australia and she has previously led advice teams at some of Australia’s best known wealth businesses,” he said.

“Andrew has driven the digital transformation of the business as we continue to make it simpler and easier for customers to do business with us.”

The restructure follows August's announcement that BT Financial Group general manager of advice Mark Spiers will step down from the role, staying on witht he company as director of wealth development.