The financial services firm is focused on bringing its business in line with clients' needs following key staff departures.
BT Financial Group (BTFG) has countered suggestions the company's wealth management division has suffered following the high-profile departure of two executives, stating it is focusing on bringing its business in line with its clients' needs.
BTFG general manager advice Mark Spiers said the departure of advice executives Geoff Lloyd and Wayne Wilson earlier this year was "old news".
"We're just focused on our strategy, which sits in around three overarching areas, with the main one focusing on aligning our business around our clients needs," Spiers said.
He said the business division was busy with plans to boost the professional standards of its advice network as well as build on the number and the reach of its bank-aligned planners.
"We want to ensure the bar is high on industry qualifications and that's predicated on the basis that we believe the industry bar today is too low. RG146 is far too low," he said.
As well as improving the qualifications of its existing advice network, he said BT would also look to reaffirm its professional standards through its criteria at both the recruitment and selection level.
He said requisite experience, a good compliance track record, the provision of inter-personal relationship skills and a strong professional educational background both in terms of undergraduate degrees in terms of qualifications were a must for all BTFG financial advisers and practices.
BTFG is also planning to expand its adviser numbers within both its bank-aligned network and dealer groups Securitor and Magnitude.
He said BTFG was also looking to expand the focus of its bank-aligned channels into the high net worth sector and to grow the depth of the relationships that sat in those banking channels.
Lloyd resigned as BTFG general manager for advice and private banking in April, with Wilson departing his post as head of Asgard a month later.
The two non-consecutive alphabetic letters encountered most often last week caused more controversy than the underlying policy they represented, Wouter Klijn writes.... read more »
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