Westpac Financial Planning has confirmed it will significantly reduce its number of junior planners.
"Of our 115 entry-level planners, about 50 planners will be promoted to senior positions and about 45 made redundant, with redeployment opportunities available," a company spokesperson said.
"About 20 of the 115 planners will remain at entry-level within our Partnership Program, where they work alongside senior planners, effectively operating as practice-style partnerships, but under the Westpac model."
Westpac Financial Planning is part of BT Financial Group's advice business and while redundancies were looming, BT general manager of advice Mark Spiers acknowledged the need for quality advice was strong.
Late last week, Spiers announced the company would increase its number of senior financial planners by 200 over the next three years.
"According to industry research, the seismic demographic shift, as baby boomers head toward retirement, will drive a 55 per cent increase in demand for financial planners," Spiers said.
The changes were not in response to the proposed merger between Westpac and St George bank, the spokesperson said.
