New dealer rounds out CBA advice
The Commonwealth Bank of Australia (CBA) is claims it can now provide a full spectrum of advice offerings, with the launch of its new dealer group targeting high-net-worth focused planners imminent.
A “soft launch” of the new dealer initiative is set to go ahead once a licence for Western Australia is granted, according to CBA executive general manager financial planning Brett Himbury.
The new group, which is yet to be named, is likely to attract mature high-net-worth focused planners, Himbury says.
“[We’re targeting] those wanting to maintain their independence and probably wanting to maintain their own Australian Financial Services Licence, but also getting some of the capacity that comes from institutional support,” he says.
The bank has also recently introduced a new proposition for its network planners to allow them to justify charging fee-for-service.
“You can’t be offering a particular commission-based advice proposition one day and wake up the next day and charge fee-for-service,” Himbury says.
“We had to improve what we were offering before we could confidently take it to the customer.”
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