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
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