ANZ grows planner numbers, productivity
The number of ANZ financial planners has grown 9 per cent across Australia and New Zealand, according to the big banking group's half-year report released to the Australian Securities Exchange today.
The growth in planner numbers reflected a strong result for its Global Wealth division, which reported a 20 per cent increase in profit on the back of a 3 per cent increase in income largely attributable to an increase in funds under management and in-force insurance premiums.
The global wealth result appeared to reflect the bank's greater focus on the area over the past two years.
As a group, ANZ reported a 7 per cent increase in statutory profit after tax of $2.9 billion and an 8 per cent increase in cash profit to $3.2 billion.
The board said this had resulted in an 11 per cent increase in its dividend of 73 cents per share fully franked.
Commenting on the result, ANZ chief executive Mike Smith said it represented a good performance and had demonstrated the banking group's ability to deliver consistent, well-diversified revenue growth supported by strong productivity and capital management outcomes.
Dealing with the Global Wealth division, the ANZ announcement said ANZ Financial Planning's productivity in Australia had increased with a 21 per cent increase in risk sales per adviser and a 6 per cent increase in investment inflows per adviser.
Smith said the banking group was well positioned going into the second half of the year with good momentum on growth opportunities, on costs and on capital management.
AUTHOR
Mike Taylor
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.
