POWERED BY MOMENTUM MEDIA
AIA launches advice subsidiary with CBA
AIA Australia will launch a new advice business in partnership with Commonwealth Bank of Australia (CBA) for customers with life insurance and simple wealth needs.
CBA would partially transfer its salaried advice business, Commonwealth Financial Planning, to AIA Australia’s advice subsidiary.
The newly-launched AIA Financial Wellbeing would offer personal advice to bank customers who had life insurance and simple wealth needs.
Services would be provided by salaried advisers under a separate Australian financial services licence (AFSL) to AIA Australia and AIA would extend employment offers to some CFP employees.
AIA Financial Wellbeing will operate under a separate AFSL to AIA Australia. Advice would be provided by salaried advisers, with AIA extending employment offers to some employees of Commonwealth Financial Planning.
The service would be led by Pina Sciarrone as chief executive and managing director.
Damien Mu, chief executive and managing director of AIA Australia and New Zealand, said: “This is a transformational milestone in our dream to champion Australia to be one of the best advised, healthiest and best protected nations in the world.
“Alongside AIA Financial Wellbeing, AIA Australia will continue to focus on partnerships with external financial advisers who provide valuable comprehensive advice to their clients.”
Group executive of retail banking services at CBA, Angus Sullivan, said: “[This] is an exciting next step that builds on the strength of our partnership with AIA, and progresses our strategy to reimagine the products and services we offer our customers. CBA believes that quality financial advice plays an important role in helping Australians improve their financial wellbeing”.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
Australian Ethical has named its new head of equities, who previously spent 12 years at Perpetual.
The country’s sovereign wealth fund has unveiled a flurry of changes to its leadership team, including the appointment of a key executive role.
With Damian Graham stepping into a new capacity within the $190 billion super fund ahead of his retirement, a global search is set to commence for his replacement.
Cbus has swiftly promoted Leigh Gavin to chief investment officer only months after naming him deputy, as the fund works towards growing in size and bringing its investment expertise in-house.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
