Walk-in planning shops for CBA branches
The Commonwealth Bank (CBA) has constructed a separate, walk-in investment management section in its Bondi Junction branch, in the hope of attracting more bank clients to its wealth management and online stock broking businesses.
What CBA is calling its Investment Shop is encased behind what can best be described as Japanese-style wooden slats. About the size of two parking spaces, the shiny, pine-floored space within contains a low set desk manned by two paraplanners seated at plasma screen computer monitors.
Fitted with a large plasma screen television and a purple cappuccino machine, the room also contains a stand-up computer with access to the bank’s E-trading platform Commsec, which customers are free to walk in and use. A Commsec expert is on call.
Head of Commonwealth Financial Planning Tim Gunning said the shop has been set up to offer clients greater accessibility to, and awareness of, the bank’s wealth management products and services.
He said the two paraplanners in the shop were only allowed to provide general advice. If any complex advice is required, customers are directed to one of the branch’s in-house authorised representatives, who sit in their own, old-style offices.
Four more of the shops are expected to be completed by mid-2006, with the next one to open in Fairfield.
The Investment Shop is a joint venture between CFS and its funds management arm Colonial First State.
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