Westpac has confirmed it is exiting personal advice by salaried and aligned planners by September, this year.
In a document released to the Australian Securities Exchange (ASX) today, the big banking group said it was resetting its wealth strategy and the exit by September was part of its priorities.
The document stated that the BT brand would be retained but that BT Financial Group would no longer be a standalone division with insurance to be integrated into an expanded consumer division and private wealth, platforms and super to be integrated into the expanded business division.
It said that this would result in a reorganisation of executive responsibilities.
The Westpac document said that as part of its move it would be extending its advice referral model over time, including to Viridian Advisory.