This week Westpac announced its intention to stop licensing advisors to offer personal financial advice , joining its big-four rivals in abandoning the once-dominant model of vertical integration. The decision to stop licencing advisors, who either work directly for Westpac or operate as authorised representatives under its Securitor and Magnitude brands, is expected to result in the loss of 900 full time jobs. A small proportion of its in house advisors will move to the boutique advisory firm Viridian. This means that if you are a Westpac financial advice client you will be having a change of financial advisor (possibly without the choice).
The move follows the other big banks decisions to exit the personal advice space . What is most important for everyone is that they can get advice when required. If you are seeing a bank advisor or a Westpac bank advisor then please feel free to call us for a catch up and a review. We are not licenced through any of the banks, we have our own Australian Financial Services Licence so we are not bound by any bond to the banks. Please call Ben Littleton or Stuart Woodbridge to arrange an appointment. – 07 3391 7566.
