BankWest has completed the transition to operate under its own Australian Financial Services Licence (AFSL), part of its stated aim to make financial advice more accessible to Australians. The bank, part of HBOS Australia, 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 St Andrew’s while putting in place the systems and processes to officially operate as a BankWest entity.
BankWest announced its intention to launch a low-cost financial advice business in December last year and to recruit more than 100 financial advisers by 2010. “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,” says Mark Reid, head of retail sales. “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 by the bank showed that more than 72 per cent of Australians don’t have access to a financial adviser, and only 13 per cent of those earning $75,000 or less have an adviser. Lisa Livis, recently appointed BankWest head of financial advice, says this highlights a clear need to make advice more accessible to everyday 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,” she says.
