Members Equity Bank plans to hire 200 financial planners over the next three years to meet the demand of industry superannuation fund members.
The decision follows the bank's one-year-old merger with Industry Fund Services (IFS).
As a result of the merger, the group decided to ramp up its financial planning business.
"Industry superannuation funds remain crucial to the success of our bank. These funds have grown significantly and as a result we will be looking to add to our services," Members Equity chief executive Anthony Wamsteker said.
"We believe demand for advice will increase as the account balances of our members grow. We want to ensure that we can provide value to them," he said.
The bank already has about 60 financial planners who work on a fee-for-service model.
The financial planning business will be marketed and made available through the respective industry superannuation funds.
Wamsteker said the bank is looking to hire planners who were value driven and were wanting a career change from the retail sector.
