Commonwealth Bank to cease providing advice services next month

On Tuesday, the big four bank announced that it would cease providing advice services following a “strategic review” of the remaining CFP business and a partnership with AIA Australia to include an advice referral arrangement originally announced in July.

“CFP customers with life insurance, superannuation and wealth advice needs who meet AIA’s licence and have not opted-out of the transfer are being closely supported with a smooth transition to AIA to help manage their ongoing financial planning needs,” CBA announced in a statement.

“CFP customers who have financial advice in progress will continue to be supported by CFP to complete and implement the advice before 30 November 2021.”

In April, AIA completed the acquisition of CBA’s life insurance portfolio, including products under the CommInsure, Colonial and Commonwealth Financial Services brands.

Following the launch of AIA Financial Wellbeing in July, CBA group executive of retail banking services Angus Sullivan said the move would progress the bank’s strategy to “reimagine” the products and services on offer to customers.

AIA Australia CEO and managing director Damien Mu called the launch of the advice arm as a “transformational milestone”.

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Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.