Latest News

Anton Murray - Latest News

NAB Recruits First State Advice Manager

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

Financial Observer

A former national advice solutions manager for non-profit superannuation fund First State Super has joined National Australia Bank (NAB) to become head of client services and paraplanning for the bank’s salaried financial advice division. In a statement, NAB Financial Planning (NAB FP) announced Rebecca Harrison would be coming on board to oversee delivery of the group’s national client service operations for advisers, paraplanners and support staff. Harrison has 20 years’ experience in the financial services industry, and prior to her role at First State Super was head of adviser services and strategic partnerships at IOOF.

Commenting on the appointment, NAB FP general manager Tim Steele said Harrison would play an integral role in the group’s leadership team. “We are delighted to welcome Rebecca to NAB FP and look forward to the contribution she will make to our business,” Steele said. “Rebecca has a track record of supporting teams to provide exceptional service to advisers, as well as a clear appreciation of how support for advisers contributes to positive outcomes for clients.”

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

NAB Sells Singapore and Hong Kong Private Wealth Business to OCBC

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

The Australian

Oversea-Chinese Banking Corp said it would buy National Australia Bank private wealth business in Singapore and Hong Kong. “The purchase consideration will be at around the book value, or net asset value, of the business at the time of completion,” OCBC said in a statement. The deal is expected to be completed before the end of the year and will be accretive to earnings. The deal comes as banks in Singapore seek to beef up their sources of income as a subdued loan-demand outlook weighs on overall earnings growth expectations.

The private wealth business is made up of a mortgage portfolio, amounting to about $US1.7 billion worth of mainly residential mortgage loans, and a deposit portfolio made up of about $US3.05bn worth of deposits as of the end of February. The business serves a total of about 11,000 customers across the two markets. OCBC said the addition of mortgage loans will increase the overall size of its mortgage portfolio by about 4 per cent based on its mortgage-loan book of S$60bn as at end March 2017.

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

ANZ could list wealth business, says CEO

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

InvestorDaily

ANZ’s planned exit from product manufacturing could include the listing of some or all of ANZ’s wealth businesses on the ASX, says the bank’s chief executive. In an interview with ANZ’s BlueNotes publication, ANZ chief executive Shayne Elliott outlined further details of the bank’s previously flagged plan to sell its wealth management manufacturing businesses. “We have a really strong business that tends to be really focused on life insurance, and within that life insurance it’s very heavily focused on retail as opposed to group life, which is a good thing,” Mr Elliott said.

ANZ will still be distributing wealth management products to its customers, Mr Elliott said – but the bank will be “partnering” with a “world-class” product manufacturer. Mr Elliott claimed the decision has not been spurred by reputational damage done by wealth management scandals in the press, pointing out that ANZ will still be exposed to those risks given the bank will still be distributing products to its customers. “We have an obligation to provide these solutions to our customers. We’re a natural place that they can come and have a conversation about that. But that doesn’t mean that we need to be actually manufacturing the product,” he said.

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

AMP Restructures Financial Advice Arm

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

InvestorDaily

AMP announced a new operating structure that will see the establishment of a “dedicated governance function and independent boards for each licensee to help ensure a consistently high standard of advice across the network”. AMP Financial Planning, AMP Advice, AMP Horizons and AMP Direct will come together as an integrated unit under the leadership of newly-appointed managing director Michael Paff. In addition, a new Channel Strategy and Services team will focus on simplifying processes for advisers while driving innovation.

Meanwhile, Michael Guggenheimer has been appointed executive director advice, tasked with establishing the licensee boards and “continuing AMP’s focus on quality governance”, the statement said. Hillross will be led by newly-appointed managing director Dean Thomas, while Neil Swindells has been appointed managing director of Charter. Other appointments include Chris Digby as managing director of SMSF Advice and Jigsaw as well as Dave Akers as director, Channel Strategy and Services.

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

Wealth products failing Gen Y, says KPMG

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

InvestorDaily

Existing financial products are not well suited to the needs and goals of professionals born between the early 1980s and the late 1990s, new research from KPMG has found. The consultancy firm’s Banking on the Future report on the financial habits of members of Generation Y found that products that were relevant to the cohort’s goals were “not particularly well formed” among most established financial institutions. KPMG found that savings accounts remained the “primary investment tool” for professionals within this age bracket, driven by a “desire for liquidity” among Gen Y professionals.

Additionally, Gen Y professionals were found to have a preference for short-term investments over long-term ones. “27 per cent of Gen Y professionals own shares, and the attraction of this type of investment is liquidity and the ability to turn these investments into back up funds for things like travel,” KPMG said. “In comparison, only 12 per cent invest in other wealth products (managed funds, derivatives, ETFs, etc).”

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