BT realises magnitude of new dealer
BT Financial Group has given its planned new dealer group an identity, and confirmed that former Retireinvest chief executive Mark Spiers would head up the business.
BT revealed yesterday that the new dealer, scheduled for a September launch, would be called Magnitude.
The news comes a year after BT hired Spiers to review its strategy in the financial advice market - a project the fund manager codenamed Alpha.
BT confirmed exclusively to Money Management in June that, as a result of the outcome of the review, it would launch the new dealer group.
The new advice business will fill a gap in the wealth management strategy of BT’s owner, the Westpac Bank, making it the last of the major banks to own a non-aligned, independently branded financial planning dealer group.
Spiers said yesterday that Magnitude was a logical step for BT, which wanted to expand its advice and distribution capabilities.
The new advice business would focus on recruiting “successful, established practices”, Spiers said.
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