Spring to exit CommBank Wealth


The Commonwealth Bank’s group executive, Wealth Management, Annabel Spring is leaving the business.
Spring’s departure has been announced to the Australian Securities Exchange (ASX) with the bank’s chief executive, Ian Narev saying that she had decided to leave the group in December.
“Annabel will continue to lead the wealth management businesses, the divestitutre and the strategic review until the end of this year,” he said.
“Michael Venter, currently the Chief Financial Officer of International Financial Services and formerly Group Deputy Chief Financial Officer and Chief Officer of Wealth Management has been appointed Chief Operating Officer of Wealth Management with immediate effect,” Narev said.
He said Venter would represent Wealth management at the Group Executive Committee following Spring’s departure.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.