Westpac cautious on outlook
Westpac Group recorded a solid June quarter with cash earnings totalling $1.4 billion, despite slightly decreased earnings when compared to the previous quarter.
In an August trading update released to the Australian Securities Exchange today, Westpac chief executive Gail Kelly described the result as “solid” and foreshadowed further improvement across the businesses as the bank developed better technology and processing infrastructure.
Kelly also foreshadowed a continuing cautious approach, saying that while the Australian economy was robust, conditions in Europe and signs of slowing growth in the US continued to create global uncertainty.
She said the uncertain conditions supported the bank’s decision to lengthen the term of its wholesale funding and increase its holdings of liquid assets.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.