BankWest Financial Advice finally stands alone
BankWest has finally started operating its financial planning practice under its own Australian Financial Services Licence after having operated under those applying to related entities since late last year.
BankWest head of retail sales Mark Reid said the transition to operating under its own licence represented an important milestone for BankWest Financial Advice.
“Operating under our own licence means that for the first time, our advisers are actually able to say they are from BankWest to fully service BankWest customers,” he said.
“Up until now, although the model has been different, our advisers have operated as St Andrews advisers providing wealth services to BankWest customers in our retail stores,” Reid said.
BankWest is a part of HBOS Australia and had operated its financial advice business under related entity St Andrews while it put in place the appropriate systems and processes.
AUTHOR
Mike Taylor
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
