Commonwealth Bank of Australia (CBA) has combined its financial planning businesses into a single, newly-created division called the Colonial First State Advice Business.
The new business combines the activities of Commonwealth Financial Planning, BankWest's financial planning division, Financial Wisdom, Whittaker McNaught and Advice Essentials, Colonial First State (CFS) chief executive Brian Bisakker told staff yesterday.
As a result of the changes, Paul Barrett has been appointed general manager of the combined advice business and will report directly to Bisakker.
Barrett was previously CFS general manager of distribution and was responsible for distribution, corporate superannuation sales, and CFS products and services to the independent financial adviser market.
In his previous role, Barrett was already responsible for Financial Wisdom and dealerships services, but he will now also gain responsibility for Commonwealth Financial Planning (CFP).
The move essentially splits out CBA's distribution activities from its advice businesses.The restructuring should not be seen as cost-saving measure, a CFS spokesperson said.
"This internal realignment makes commercial sense and, while important, cost efficiencies have not been a main driver," he said.
CFS will appoint a new general manager for distributions.
The group is also still looking for a general manager of CFP, a role that was previously filled by Tim Gunning who has left for Ord Minnett to become the group's chief executive.
The new general manager of CFP will report to Barrett.
