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Westpac doubles down on wealth business

Posted by Anton Murray Consulting on . Posted in News, Wealth Management News

InvestorDaily

Westpac has confirmed its intention to continue operating in the wealth management market, despite a decline in cash earnings and the imminent exit of some of its competitors. In its annual report released to the ASX yesterday, the big four bank announced that the 11 per cent decline in cash earnings for its BT Financial Group subsidiary will not deter it from the market. “While some of our competitors are increasingly looking to exit their wealth and insurance businesses, we continue to believe that having a strong business in this category will give us an increasing competitive advantage as Australia’s population ages in the years ahead,” the report explains.

Indeed, “wealth” was listed as a specific “growth highway” for the bank going forward, in addition to servicing small to medium enterprises. However, Westpac expects the market to become more challenging despite the decisions of CBA, ANZ and NAB to sell of key segments of their wealth business, especially in the life insurance space. “In our wealth business, we expect the broader competitive landscape to continue to undergo significant change with ongoing consolidation in life insurance, continued regulatory and structural change in financial advice, and increased overseas interest and participation in superannuation,” the report states.

The rest of this article can be found at investordaily.com.au.

ANZ to sell wealth business to IOOF

Posted by Anton Murray Consulting on . Posted in News, Wealth Management News

InvestorDaily

ANZ has reached an agreement to sell the pensions and investments divisions of OnePath to financial services firm IOOF. ANZ has announced that IOOF has agreed to acquire the pensions and investments divisions of OnePath for $975 million. As part of the agreement, ANZ will also enter into a “strategic alliance” to make available IOOF superannuation and investment products available to ANZ customers.

The deal excludes the life insurance business within OnePath, regarding which ANZ “continues to review [its] options”. The ANZ-aligned dealer groups transferring to IOOF as part of the deal include Millennium3, RI Advice, Elders Financial Planning and Financial Services Partners. The platforms and products sold to IOOF include the OneAnswer Mastertrust, Advised (Wrap) including ANZ Grow Wrap and Oasis badged wrap, Employer Super (ANZ Smart Choice Employer, Direct Products (ANZ Smart Choice Retail) and other closed superannuation products.

The rest of this article can be found at investordaily.com.au.

New Head of Wealth and Life Intermediaries Appointed at Suncorp

Posted by Anton Murray Consulting on . Posted in News, Wealth Management News

financial observer

Suncorp has announced that its acting head of wealth and life intermediaries Dan Waller will remain in his position permanently. Waller, who has been acting in the role since June, has more than 28 years’ experience in the financial services industry and has been with the company since 2014 in the role of national key account and group insurance manager. He has previously held management roles with a number of other large financial services providers including ING and ANZ-owned insurer OnePath.

Suncorp executive general manager for intermediaries Andrew Mair said Waller’s leadership skills in his previous management role, and his commitment to the retail channel, had shown he was worthy of the new position. “Dan is focused on how we better support intermediaries through these times of significant change,” he said. “This permanent position is testament to the strong leadership for which he is recognised by both Suncorp and the industry.”

This article can be found at financialobserver.com.au.

 

BT Restructures Wealth Management Arm

Posted by Anton Murray Consulting on . Posted in News, Wealth Management News

InvestorDaily

BT Financial Group has restructured its advice and private wealth division, which will see the departure of general manager of advice Mark Spiers. BT Financial Group’s new structure will split client-facing advice businesses out into a newly created advice and private wealth division, which the company said “will leverage the expertise of BT Private Wealth”. The new division will be led by Jane Watts, who is currently the company’s general manager of private wealth.

The remaining businesses, which include those providing general advice via phone and digital channels, will be moved into customer service areas within the business’ chief operating office, led by chief operating officer Andrew Walker. Current general manager of advice at BT, Mark Spiers, will resign from his current role in order to step into an advisory role of director, wealth development. BT Financial Group chief executive Brad Cooper said both Ms Watts and Mr Walker were “passionate” about their roles, and the restructure will bring “greater focus” to the two parts of the company’s advice business.

The rest of this article can be found at investordaily.com.au.

CBA Wealth Management Group Exec to Depart

Posted by Anton Murray Consulting on . Posted in News, Wealth Management News

InvestorDaily

The Commonwealth Bank has announced wealth management group executive Annabel Spring will leave the company in December, following the news of the divestment of CommInsure and Sovereign. Annabel Spring, who joined CBA in 2009 as head of strategy, will leave the bank following the announcement of the divestment of CBA’s life insurance businesses CommInsure and Sovereign. Ms Spring will be replaced on the bank’s executive committee by chief financial officer for international financial services Michael Venter, who will assume the new role of chief operating officer, wealth management.

CBA chief executive Ian Narev said Ms Spring had led the wealth management team “through challenging and changing times for the industry overall, and for CBA specifically”. “She has shown determined leadership in addressing complex and long-standing issues in the businesses while growing and transforming the businesses culturally, technologically and strategically,” Mr Narev said. He said her “strategic leadership” had led to the “successful divestment” of businesses in 2014 and of CommInsure.

The rest of this article can be found at investordaily.com.au.