Professional Investment Services (PIS) has not ruled out the possibility of working with CUA to develop customised banking products for its advice network, the dealer group’s chief executive has said.
“In many ways we’ll be continuing to explore the product range that CUA offer and we think that they’ve got a lot of product that is suitable for our client base now,” PIS chief executive Robbie Bennetts said.
“But as time goes on, we’re going to explore their willingness to provide further products of theirs and there might be something particularly that the accountants want. They are more than happy to look into that.”
PIS, through its parent company Professional Investment Holdings (PIH), entered a joint venture agreement with the customer-owned financial institution yesterday.
Under the terms of the joint venture, PIS will distribute CUA banking products and services through its accounting and financial planning network.
“We knew that there was going to be an ever-increasing demand for access to banking products with the way the markets have moved,” Bennetts said.
“We looked around at a number of institutions and we had a look amongst them all and picked CUA as the one that most suited us. We liked that they were a customer-owned organisation and provide that extra competition to the Australian market.”
Discussions over an agreement between PIH and CUA have been continuing for the past 20 months, with early feedback from the dealer network being positive.
