Like other banks, but just different
ANZ Funds Management (ANZFM) has established a new distribution network which more closely resembles that of the other major banks.
From February 1, John Lio, the head of ANZ's financial planning sales force, will report directly to Australasian branch network managing director Larry Crawford. Lio previously reported to ANZFM managing director Peter Jonson.
The move is intended to improve ANZ's focus on distribution and is "evolutionary rather than revolutionary" according to Phillip Meyer, general manager of business development and professional markets at ANZFM.
"It is something we have been thinking about implementing for some time," Meyer says. He added that while ANZ's new distribution structure is similar to that operating in other banks, the bank is not seeking to duplicate their approaches.
Meyer says the new structure is aimed at streamlining the sale of products through ANZ's branches, which will improve the bank's focus on distribution.
Under the new structure, ANZFM advisers will fall under the same umbrella as financial advisers working in ANZ's personal banking division. The two groups will form what Meyer calls "one total group of people dedicated to sales and service" across the bank.
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.