Bridges Financial Services (Bridges) have announced that they have finalised negotiations to purchase Heritage Bank’s financial planning business with settlement occurring in December 2016.
Bridges experience in providing financial planning services to the customer-owned banking sector and our knowledge of this sector’s principles was very important to Heritage when considering the sale.
This will allow Heritage to focus on the growth of their core business while Bridges delivers the ongoing provision of quality financial planning services.
Nathan Stanton (Bridges CEO) said, “We are delighted to be able to work with Australia’s largest customer-owned banks across their 61 branches in Queensland.
“Our long term referral partnership with Heritage will continue to ensure financial planning remains a key component of the suite of services they provide to their customers. We are confident these changes will result in a more comprehensive customer service experience for people seeking financial planning advice through Heritage. Our focus will be on seamlessly transitioning Heritage Bank’s financial planning customers to their new arrangement as quickly as possible.
“Our number one priority is our customers, putting their best interests first and ensuring they have access to quality advice and service.”
The change involves the transfer of Heritage financial planning customers to Bridges Financial Services, with current advice and investments remaining unchanged.
Some of the current Heritage financial planning staff members are also moving across to Bridges so most customers will keep their financial planner. For convenience, in some locations planners will continue to use Heritage branch premises for customer interviews and meetings.
Heritage Bank CEO Mr Peter Lock said the transition to Bridges would provide customers with an even broader range of financial planning options.
“We’re thrilled to partner with a company of Bridges’ stature to provide our customers with access to such high-quality services,” Mr Lock said.
“We are Australia’s largest mutual bank and as we expand our national presence we knew we needed a different model for financial planning, rather than one based on a branch network in south-east Queensland.
“It made sense to move to a trusted provider like Bridges, which has a wider range of products and services, greater scale, and a national team of financial planners.
“Our customers will actually get a better overall service through us aligning with Bridges.
“Importantly, many of our financial planning staff members are moving across to Bridges as well, and most customers will continue to see the same financial planner, so it will be a very smooth transition for everyone.”
