Commonwealth asserts leadership
The Commonwealth Bank went to the market today extolling the virtues of its wealth management division and, in particular, its Colonial First State (CFS) operation.
In a briefing released on the Australian Securities Exchange, the company’s chief executive, Brian Bissaker, drove home its achievements, claiming the Commonwealth/CFS was ranked first for retail market share at 14 per cent, with its FirstChoice platform capturing 20 per cent of net flows.
He listed the key achievements for the group as Commonwealth Financial Planning reaching $25 billion in funds under administration, with improvements in adviser productivity having been achieved in terms of 15 per cent for funds under administration and 42 per cent for risk advice.
AUTHOR
Mike Taylor
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
