Bankwest announced today that its Financial Advisers will align with the Commonwealth Bank of Australia's wealth management structure and become part of Colonial First State (CFS) by the first week in July 2009.
The Personal Financial Advisers (PFAs) will remain Bankwest branded, continue to provide expert advice to Bankwest customers and will continue with the branch based proposition covering extended trade hours on appropriate evenings and weekends.
The realignment will enable the Financial Advisers to continue operating from Bankwest stores whilst leveraging the added benefits of Colonial First State's market leading products as well as broader professional development opportunities, training, coaching and back office support.
Bankwest Retail CEO Ian Corfield said the change would deliver significant benefits to both colleagues and customers, combining Bankwest's unique culture and values with Colonial First State's strong reputation for excellence in the field of wealth advice.
"Bankwest financial advisers will have access to improved systems, support and coaching from one of Australia's premier wealth management structures, which will flow through to better service for customers, " Mr Corfield said.
"This change is a direct result of our ongoing commitment to continuously improve the business and deliver better outcomes for our customers."
In line with the new structure, the Head of Bankwest Financial Advice will be based in Sydney under the leadership of Andrew Rasby as successor to Lisa Livis from May 1.
Andrew brings with him significant experience as a financial advisor and a very strong background in leading a successful financial planning business.
Ms Livis has been instrumental in launching the PFA network as part of Bankwest's national expansion over the past two years.
"Lisa's vast experience in the field enabled Bankwest to successfully launch a financial advice network for everyday Australians and I thank her for an outstanding contribution. Lisa has decided to remain close to her extended family in Victoria and pursue other avenues in her home state and we wish her all the very best," Mr Corfield said.
