Colonial First State (CFS) intends to "exploit and explore" new opportunities in Australia's advisory market as part of a push for greater efficiency within its advice businesses.
"Given the opportunities that are arising in the market at the moment, particularly for simple, limited advice, we want to exploit and explore those sorts of opportunities," CFS advice business general manager Paul Barrett said.
As well as seeking new opportunities, CFS plans to also focus on increasing the educational training of its advice network, and focus on in-depth research of the financial planning industry.
"We don't believe enough research has taken place in the financial planning industry," Barrett said.
"So we want to do more research, so we can be informed, we can establish a fact base and can address the issues of professionalism in financial advice."
As part of the first phrase of its plans, CFS has reshuffled its executive advice team, creating four new roles within the CFS Advice Business.
The reshuffle has meant Financial Wisdom general manager Tim Browne will assume the role as head of advice delivery, while CFS head of distribution services John Carnevale will take on the role as head of advice academy.
Other staff changes include head of distribution development Matthew Brown taking on the new role as head of advice development, and Commonwealth Financial Planning head of strategy Helen Blackford stepping into the role of head of advice business management.
"The mandate for John is to continue to build upon the education of our planners and also ensure when we recruit planners into our business we ensure they've got the adequate support and help them in terms of identifying their competency requirements," Barrett said.
"Tim Browne is moving into advice delivery, which is a very important part our business going forward. He's going to make sure all the parts of the advice process that underpin the delivery of advice are as efficient and productive as possible."
Internal and external candidates will be considered for Browne's replacement, Barrett said.
All roles will report directly to Barrett.
The new structure brings together Commonwealth Financial Planning, Financial Wisdom, BW Financial Advice, Advice Essentials and Whittaker Macnaught in addition to the functions that support those dealer groups.
