Westpac to school investors
Recognising the generally low levels of knowledge about investments and superannuation among Australians, Westpac Financial Planning (WFP) has launched a team of over 50 investment representatives to assist customers with investing.
The scheme comes as WFP identifies a critical gap in the market, with the superannuation market forecast to grow 10 per cent per annum over the next decade.
The representatives will be based in all major Westpac branches, and are tasked with explaining investment concepts, wealth creation and budgeting. They can also encourage individuals who need more specialised assistance to speak to a financial adviser.
A central component of the campaign is an investment booklet that outlines some of the key concepts in a plain English format.
This covers explanations of risk/return, diversification, managed funds, superannuation, margin lending, compounding and insurance.
Sally Herman, general manager advice, said: “We see that an integral part of our role as a good corporate citizen is to contribute to the financial education of retail customers.
“Understanding financial concepts is fundamental to developing a confidence and ability to save and invest.”
Herman stressed that while the new service is complementary rather than a replacement for financial planning advice, “it does give new investors a starting point to understand the concepts of creating and protecting wealth”.
Recommended for you
ASIC commissioner Alan Kirkland has detailed the regulator’s intentions to conduct surveillance on licensees and advisers who are recommending managed accounts, noting a review is “warranted and timely” given the sector’s growth.
AMP and HUB24 have shared the areas where they are seeking future adviser growth, with HUB24 targeting adding more than 2,000 advisers to the platform.
Bravura Solutions has appointed a new chair and deputy chair to take over from departing Matthew Quinn, while Shezad Okhai picks up another responsibility.
Two advisers say M&A is becoming a “contact sport” as competition heats up to acquire attractive advice firms, while a lack of new entrants creates roadblocks in organic growth opportunities.
