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.
John, let’s keep things in perspective. You refer to doctors. I was advised by a doctor to have an endoscopy after 2 x 15 minute doctor consultations – 1 GP and 1 Specialist. This was followed up by another 15 min consultation afterwards. And subsidised by Medicare.
In other words I was advised to have an invasive procedure after 2 x 15 min consultations.
Btw, I thought this is cr*p!
Compare this to our SOA process…..
Cant see BT spinning anything off given their spend on Panorama. They will need to tart up the spend to justify it. 700 mil and climbing
Funny part is that Private Advice outsource their referrals and even sold private bank clients to a third party. Yet they want everyone to believe they are capable of wonders.
General advice by the medical profession, lawyers and accountants are provided ALL the time! Your concerns around product flogging is valid, but that is a separate issue to industries acting with a conflicted interest, which is apparent in every industry. The difference is the advice industry is heavily regulated and are accountable for their actions. Do you have any idea how many accountants recommend opening up an SMSF and rolling your super over without the authority? or how many doctors recommend products after discussing with their pharma rep? or how many lawyers mislead their clients into charging higher fees?
Having a little inside knowledge on how these guys (corporates) work normally the strategy (oh and PR) follow the decision to take costs out !!!
here here John Edwards – well said!!!
More product flogging from the big banks. BT take no care and no responsibility.
Me thinks BT may be about to be spun off
Looks like a bank smells like a bank guess what it is a bank and it will always be bank advise.
When will this doomed concept of general advice end ? Do the medical profession,lawyers or accountants offer general advice ? No. Why not ? Because they don’t have a product to flog. It is not general advice it is a marketing strategy to sell product. How can general comments in any way be deemed advice ? It therefore should not be allowed to be called advice.