ING Direct restructures distribution model
ING Direct has announced changes to its distribution model which will see the bank's financial advice and broking divisions merge.
ING Direct has previously held these two divisions separate, but will now combine them under Mark Woolnough, who has been appointed new head of third party distribution.
The move supports the bank's overall approach to the advice industry, reflecting the changes already seen in other institutions and dealer groups, according to executive director of distribution Lisa Claes.
"While there will always be room for specialisation, I have long been an advocate of convergence, be it a co-branded, fully integrated or a referral business model, as well as the vertical integration of banking and wealth," Claes said.
"We remain committed to maintaining our focus on the core needs of our third party distribution partners whether they operate under a converged model or focus exclusively on mortgages or wealth."
The move also benefits the bank through economies of scale by leveraging internal synergies and broader geographical access to all third parties, Claes added.
The new structure has been piloted through ING Direct's WA and SA business development managers and will soon be rolled out nationally.
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