ANZ Financial Planning has rejected suggestions it is close to cutting its adviser numbers in light of switching its focus to phone-based scaled advice.
An ANZ spokesperson told InvestorDaily rumours of the cuts were unfounded.
"We're not currently reducing the number of ANZ financial planners," the spokesperson said.
"In fact, we've grown the number of financial planning workforce over the last 12 months, with plans to further increase numbers in 2013."
In May, ANZ was forced to quash speculation it was planning to sell its OnePath business in light of the group's wealth division returning soft results two years running.
"ANZ is not considering selling the OnePath business," a spokesperson said at the time.
"Wealth management is a key priority for ANZ and a strategic growth opportunity."
The spokesperson's defence of OnePath came a month after ANZ announced its frustration over its wealth business.
In the period ending 31 March 2012, ANZ's wealth arm experienced a 9 per cent drop in net profit after tax from the previous period and 18 per cent year-on-year to $179 million.
In April, ANZ announced it had cut more than 200 jobs from within its wealth division. The cuts followed job losses at the banking group in February and were in line with its decision to adapt to the changing business environment, a spokesman told InvestorDaily at the time.
"These changes are part of the staff reduction of about 1000 people we announced in February. We have now made the bulk of these changes," he said.
In June, ANZ announced plans to expand the delivery of financial advice through phone and video conferencing in a bid to meet demand for cost-effective offerings.
ANZ Financial Planning's My Advice phone and video-based capability was now servicing double the amount of clients it had taken on 12 months ago, ANZ Financial Planning head Luke Symons said at the time.
Symonds said video-conferencing capabilities, which had been added over the past 18 months, would continue to be rolled out.
"We're really trying to use technology to reach people that are in far places in Australia," he said.
"We have further expansion planned for the video-conferencing facility over the next 12 months as well.
"We're also developing other electronic tools to support the engagement of customers [as] part of the growth plans for next year."
