BankWest, part of HBOS Australia, has announced the official go-live of BankWest Financial Advice with the transition to operate under its own Australian Financial Services License (AFSL) from July 1.
BankWest had its AFSL extended in September 2007 to cover life risk insurance, superannuation and managed investment schemes, but has operated its newly created financial advice business under the related entity St Andrew's while it put in place the systems and processes to officially operate as a BankWest entity.
BankWest Head of Retail Sales Mark Reid said the transition to operate under its own license was an important milestone for BankWest Financial Advice.
"Operating under our own licence means that for the first time, our advisers are actually able to say they are from BankWest; to fully service BankWest customers," he said.
"Up until now, although the model has been different, our advisers have operated as St Andrew's advisers providing wealth services to BankWest customers in our retail stores."
Research conducted on behalf of the bank showed that more 72 per cent of Australians don't have access to a financial adviser. Importantly, only 13% of Australians earning $75,000 or less have an adviser which Lisa Livis, recently appointed BankWest Head of Financial Advice, said highlighted a clear need to make financial services and wealth-building services more accessible to every day Australians
"Our goal is to grow our wealth management business aimed at these currently overlooked Australians and help them to build their wealth and plan for the future by providing them with access to simple financial advising services," said Ms Livis.
"Operating under our own AFSL is an important step in that direction because it means we can align our service proposition firmly within the BankWest brand."
BankWest announced its intention to launch a financial advice business in December 2007 and commenced the rollout almost immediately with a major recruitment drive which Ms Livis said was well ahead of target.
It is also established a new operating model, training programs and reporting lines and structures to integrate the financial advice business with the BankWest network.
St Andrew's the wealth management and insurance arm of HBOS Australia will provide BankWest with technical and shared services support such as compliance, research, paraplanning and training to maximise cost-efficiency, leveraging the group's expertise in wealth management. St Andrew's will also continue to provide financial advice services to people with more complex advice requirements through its St Andrew's and Whittaker Macnaught financial planning operations.
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Bridget Tombleson, Media Relations Manager
HBOS Australia Corporate Affairs
Phone: (08) 9449 6768 or mobile 0407 084 359
Email: bridget.tombleson@hbosa.com.au
About BankWest:
BankWest is a wholly owned subsidiary of HBOS plc, one of the world's largest financial services groups, with assets of about AUD$800 billion (£380 billion). BankWest is a full service bank which originated in Western Australia in 1895 and services more than 860,000 customers. Nationally, BankWest promotes a range of products using cost-effective direct and third party distribution channels, including 24-hour telephone and internet services and mortgage brokers. In WA, BankWest is a market leader with about one quarter of all bank advances and deposits and an extensive network of branches. Standard & Poors short-term credit rating for BankWest is "A-1+" and "AA-" for the long term, providing customers with investment grade security.
About St Andrew's
St Andrew's Australia Pty Ltd, is a wholly owned subsidiary of HBOSA, and is the holding company of HBOS Australia's credit insurance, life insurance and wealth management businesses. St Andrew's Insurance (Australia) began trading in 1998 providing customers with consumer credit insurance products. In 2004, St Andrew's Australia opened a new life insurance company, St Andrew's Life Insurance to offer customers a range of term life and life insurance products. St Andrew's has continued to further expand its operations and also offers wealth management and investment product options through St Andrew's Wealth Management after acquiring BWA Financial Services Ltd in 2004 and RACV Financial Services Limited in 2005. These expansion initiatives form part of the overall growth strategy of HBOSA Insurance & Investment operations in the Australian market.
