Suncorp recruits planners
Just overa year since Suncorp Metway purchased the Australian GIO general insurance business of AMP for $1.24 billion, it has announced a major recruitment of financial advisers to join its newly acquired GIO branches.
Suncorp Metway will recruit 36 financial advisers in New South Wales and Victoria over the coming months, but also plans to hire another 200 financial advisers Australia-wide over the next two years.
The 36 financial advisers in New South Wales and Victoria will join 21 converted GIO branches.
Suncorp Metway will convert the GIO branches into what it is calling allfinanz offices, which will be branded GIO — a Suncorp company.
The allfinanz structure broadly describes Suncorp’s desire to establish one-stop shop financial outlets which sell banking, investment and insurance products.
The purchase of GIO by Suncorp Metway in June last year made it the second largest general insurance company in Australia. The acquisition of GIO increased Suncorp Metway’s customer base to 4.2 million, with an additional 78 GIO branches.
Suncorp Metway has 43 national branches, primarily in New South Wales, but also in Victoria, Western Australia and Tasmania.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
