CUA has announced that it will sell CUA Financial Planning to Bridges, having made a strategic decision to focus on its “core business” and divest its financial advisory market presence.
“Following a comprehensive review of the market, Bridges was chosen for the right commercial terms, its ability to transition customers and staff and, of course, its commitment to the customer-owned banking sector,” said CUA chief executive Chris Whitehead.
“Bridges already provides financial planning services to approximately 80 per cent of the mutual industry and understands and respects the principles of customer-owned banking, which are very important to CUA and our customers.”
The IOOF-aligned financial advice group has longstanding ties to the mutual and customer-owned banking sectors, with referral deals in place with Woolworths Employees Credit Union, Select Mutual Banking and Heritage Isle Credit Union, as well as a previous agreement with CUA.
“CUA will continue to work closely with Bridges to ensure financial planning remains a key component of our suite of services to customers delivered through Bridges,” Mr Whitehead said.
“CUA is confident these changes will result in a more comprehensive customer service experience for people seeking financial planning and advice.”
Under the terms of the deal, CUA financial planners, clients and support staff will be transitioned to Bridges, with “current advice and investments remaining unchained”, said a statement from CUA.
Bridges general manager, alliances and distribution, Jason Kriss said the deal reflects the licensee’s positioning as the “partner of choice for the customer-owned banking industry”.
