(22 July 2008 – Australia) BankWest has announced that from the start of this financial year, it will operate its financial services product offering under its own name.BankWest Financial Advice began operations under its own Australian Financial Services License (AFSL) from July 1.
The bank, part of HBOS Australia, has operated its newly created financial advice business under the related entity St Andrew’s while it put in place the systems and processes to officially operate as a BankWest entity.
BankWest head of retail sales Mark Reid said that operating under their own licence means that for the first time, BankWest advisers are actually able to say they are from BankWest, thus providing a full range of BankWest services.
He added that up until now, advisers have operated as St Andrew’s advisers providing wealth services to BankWest customers in BankWest retail stores.
BankWest can now align their service proposition with the BankWest brand. The bank established a new operating model, training programs and reporting lines and structures to integrate the financial advice business with the BankWest network.
St Andrew’s, the wealth management and insurance arm of HBOS Australia will provide BankWest with technical and shared services support such as compliance, research, paraplanning and training to maximise cost-efficiency.
St Andrew’s will also continue to provide financial advice services to people with more complex advice requirements through its St Andrew’s and Whittaker Macnaught financial planning operations.