ANZ Wealth has unveiled a package of succession planning tools, including loans to buy businesses or client books, valuation advice and an online marketplace for planners who want to buy or sell a practice.
ANZ general manager of advice and distribution Paul Barrett said broad succession support would help aligned financial planners get full value for their businesses.
“With close to 2000 financial planners across our network, it’s important for ANZ Wealth to foster a culture of innovation and support that benefits planners at all stages of the business cycle,” Barrett said.
“We’ve had strong feedback from our planners for this initiative,” he said, adding planners wanted help in building and expanding their businesses, not just in selling them.
The ANZ Wealth succession package includes a loan facility for ANZ-aligned dealer groups that want to expand through the acquisition of practices or client books.
It also includes in-house valuation experts and succession-plan analysis to help planners with diligence valuation, preparation of legal and tax documents, funding and execution of sale.
Barrett first revealed plans for the online marketplace at a strategy briefing nearly two months ago, when he said low brokerage fees would make the service attractive to non-aligned planners looking to sell into ANZ, as well as with ANZ Wealth’s aligned dealer network, which can access it for free.
The e-broking exchange allows planners to register to buy and sell practices, look at merger and joint venture opportunities, and find new staff.
The tools may also assist with Barrett’s goal of adding 50 planners a year over the next few years. He has said ANZ and its associated divisions have about 1800 advisers in total, putting the bank third behind about 3000 at AMP/Axa and 1850 at Commonwealth Bank of Australia (CBA) if its $373 million offer for Count Financial goes ahead.
The ANZ banking channel’s salaried financial planning numbers are relatively low at 270 compared with about 600 at CBA and about 500 each at National Australia Bank and Westpac, and Barrett has said the group is aiming to expand that side of its business.
