ANZ revamps advice business
ANZ will phase out its Prime Access Financial Advice business to new customers over the next 18 months.
The decision follows the bank’s move to improve its financial planning model 12 months ago, which included the removal of sales incentives for financial planning bonuses and speeding up customer remediation.
Prime Access was subject to an enforceable undertaking by ASIC in 2018 amid concerns around fee transparency.
Prime Access was first offered in 2003. ANZ started a fee reimbursement approach in 2015 for customers that did not receive an annual documented review as part of their Prime Access package between 2006 and 2013.
“We are determined to keep making improvements to the way we offer customers high quality and accessible advice,” ANZ managing director of private banking and advice Mike Norfolk said.
“We know we need to think differently about how we do this, which is why we are taking a new approach to providing our customers ongoing advice and phasing out Prime Access as part of that.
“Our new service will give customers complete control of when and how they want to review their financial plan.”
We are determined to keep making improvements to the way we offer customers high quality and accessible advice.
ANZ’s new service will also provide customers with greater choice of regular financial reviews.