CommBank creates new division
The Commonwealth Bank has launched a specialist financial planning division that provides banking services to the wider financial planning community.
The bank’s executive general manager of corporate financial services Rob De Luca said the new division would provide specialised financial services and banking solutions to the Australian financial planning industry.
“Commonwealth Bank Financial Planning Banking has been structured to meet the demand for more dynamic banking solutions. Through an extensive market review by world-leading professional services experts, and following consultation with prominent industry bodies and our in-house financial planning networks, we have developed an offer that reflects the unique requirements of this sector,” De Luca said.
“By lending against the strong cash flows and overall value of their business, we are able to provide the necessary solutions enabling financial planners to expand and grow their businesses.”
De Luca added that a unique dealer group accreditation process would help facilitate succession planning strategies and acquisitions.
According to De Luca, the launch of Financial Planning Banking followed on from the success of Commonwealth’s specialist franchising division.
“The experience of establishing our successful franchising division has been invaluable in developing Financial Planning Banking. This, coupled with our market research and extensive team experience, will enable us to provide customers with what they really need to successfully operate and grow their businesses in this dynamic industry,” he said.
“The team is dedicated to working in partnership with the financial planning industry. Our intention is to establish long-term relationships with dealer groups to ensure we provide a valuable and superior service.”
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
