BankWest's financial planning division has been officially launched in an effort to make advice accessible to more Australians.
BankWest Financial Advice has opened the business to its branch customers following plans to operate under its own licence.
In December the bank announced that it would establish a financial advice business appointing Lisa Livis as head of financial advice.
The bank aims to make its wealth management business more accessible to every day Australians, according to Livis.
"Our goal is to grow our wealth management business aimed at those currently overlooked Australians and help them to build their wealth and plan for the future by providing them with access to simple financial advising services," Livis said.
The bank's research showed that 13 per cent of Australians earning $75,000 or less have an adviser.
The bank's goal is to have 100 planners by the end of 2010 and to date has secured 25 advisers.
Halifax Bank of Scotland (HBOS) Australia's wealth management arm St Andrew's will provide the business with technical and shared support services such as compliance, research, paraplanning and training.
In June, Livis told InvestorDaily that the financial woes of its parent company HBOS would have not impact the advice business.
In Part 2 of our exclusive series, we ask leading names to nominate their best investments, the most effective industry group and the importance of platforms.
Catholics revamp fixed interest »
Industry superannuation fund the Catholic Superannuation and Retirement Fund (CSRF) has revamped its fixed income portfolio.
Mercer backs alternatives »
Mercer has awarded $34.15 million in mandates to Tactical Global Management (TGM) and Lazard Asset Management to invest in alternative assets.
