ANZ announces new loan facility
At a time when planners are struggling to source business loans, ANZ has provided its advisers with some relief by launching a new financial planner loan facility.
The ANZ Practice Funding Facility was created to help the bank's advice businesses grow their client bases and prepare for the Future of Financial Advice reforms, according to ANZ general manager for advice and distribution, Paul Barrett.
"Our advisers need the flexibility to adapt to the new business models required to succeed in a fee-for-service environment," said Barrett.
The funding facility can be sourced through more than 20 accredited ANZ Business Banking Relationship managers, according to the bank.
ANZ claimed that the new funding facility would help advisers grow their businesses by acquiring practices, purchasing client books from retiring planners and refinancing existing business loans.
"Teams across ANZ from Industry Specialisation, Commercial, and OnePath's Advice & Distribution all collaborated to develop and launch the ANZ Practice Funding Facility," said Barrett.
"It will also form an important part of a broader integrated recruitment and succession strategy in development with our aligned dealer groups," he added.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
