Bankwest said there won’t be any redundancies as it aligns with the wealth management structure of Commonwealth Bank of Australia (CBA) and becomes part of Colonial First State (CFS) in July.
There will be no personal financial adviser (PFA) redundancies as part of the process, a Bankwest spokesperson said.
Bankwest financial planning staff will also have the opportunity to move across to roles in CFS.
“This change will have no effect on the way we interact with our customers and PFAs will remain Bankwest branded and continue having a presence in Bankwest stores and branches,” the spokesperson said.
CBA-owned Bankwest said on 30 March it would reduce its workforce by about 400 in response to the sharply contracting economy.
“Bankwest PFAs will continue to use their current systems as the operating models align. And where Xplan cannot complete at point of sale, CFS has experienced and well set up back office functions and will play a vital role in supporting plan production and presentation for a case,” the spokesperson said.
The realignment will enable the financial advisers to continue operating from Bankwest stores while leveraging the added benefits of CFS’s products and broader professional development opportunities, training, coaching and back office support.
In line with the new structure, Bankwest head of financial advice will now become a Sydney-based position and come under the leadership of Andrew Rasby.
Rasby, formerly CFS executive manager for the metro south region, replaces Lisa Livis from 1 May.
He will report directly to Commonwealth Financial Planning’s general manager Tim Gunning but will remain a core part of the Bankwest retail sales leadership structure, having a link up to Bankwest head of retail sales Mark Reid.
