Matthew Smith and Tahn Sharpe
Westpac will retain the BT brand, however BT Financial Group will no longer exist as a stand-alone division while aligned and salaried advisers will either join boutique licensee, Viridian, or become self-licensed.
The bank’s annual results also revealed net cash outflow of $3.968 billion from Australian wealth management, compared with $931 million net cash inflows the previous year.
The disintegration of the institutional wealth advice model is happening. The banks are announcing sell-offs, spin-offs and divestitures of their wealth management businesses.
The fall of Dover Financial Advisers could mean second thoughts for firms considering self-licensing or a second-tier licensee, Morgan Stanley’s Daniel Toohey says.