A spokesperson told ifa in a statement that it will establish an “internal advice capability” through new business, Zurich Assure.
“This follows ANZ’s decision to focus its financial advice services on high net-worth customers through ANZ Private. Zurich Assure will start servicing these customers with existing retail life insurance policies from 29 July 2022,” the spokesperson said.
“Zurich Assure will focus on providing affordable and professional life insurance advice to existing retail life insurance customers (including life insurance held in superannuation funds).
“Zurich remains committed to the independent financial advice market, and retail advice will continue to be provided through these partnerships,” he added.
ANZ later confirmed to ifa that it will not be shutting down its financial planning services, but rather focus on high net-worth customers through ANZ Private.
It is yet to be disclosed how many advisers and staff will be retained by Zurich in the move.
An easy way for ANZ to avoid paying redundancies.
If they treat their staff this poorly, just imagine how they treat their customers..
Yet another restructure with ANZ, how embarrassing. It is clear they are shutting down financial planning services to the greater community yet they do not want to admit to it and place a glossy statement stating they are focusing on ANZ Private?
Another ANZ restructure yet those that put it together keep their jobs? Where is their responsibility for the failing of the last restructure? Again the advisers are the ones that pay and suffer and ultimately the customers….. ethics only applies to advisers it seems.
Zurich don’t realise they got sold a dud. Who will give up a book of clients providing full advice for risk only? No one ANZ care for staff? Non-existent
And they expect holistic ANZ planners to go across and be risk writers? Cheap exit for ANZ and no care for their staff at all
How embarrassing for ANZ again. Whoever it’s running that place has no idea
All those lecturing other about Financial planning becoming a profession – seem to have forgotten that Product Providers continue to provide advice to members – and Product Providers will likely be able to solve the affordability of Advice issue no problems I suspect.
Now, how are we all going with our FASEA exam, additional Degrees etc? While we are all doing exams, Product Providers are providing advice to clients it seems. Wonder how that happened. FPA – any idea?
Its a retention model to stop the bleeding of insurance policies. Who is paying their high salaries – have to be ANZ for a period of time. ANZ must have talked to the CBA management about the planner set up with AIA. I give it 2 years and this will be shut down.
Who would want to be one of these planners doing this horrible job?
Phew! Zurich remains committed to the independent financial advice market
Probably via General Advice as well. You realistically can’t provide personal advice with an APL of 1.
You’re making an assumption they will not have an APL more more insurers on it. That’s unlikely for a range of reasons – best interest duty for a start.
Don’t forget they have Zurich and One Path ?
Who would want to work as an adviser in that structure? What if a client wants a review of their insurance with a potential switch to a competitor? What if the client needs retirement or savings advice?
Wow!!! That didn’t take long – welcome back my old friend, vertical integration. What could go wrong… Oh that’s right.. everything!!
An absolute joke and riddled with conflicts!!
Its back, it took approximately two years, but vertical integration is back!!! Don’t call yourself professional if you are working for the product provider as an adviser.
Vertical integration never really left. It just lowered its profile. Mid tier dealer groups with inhouse SMAs are the modern form of vertical integration.
Just another way insurance companies are back stabbing Financial Advisers with another ‘direct model’ of advice.
More vertical integration. Just what this industry needs!