George: Wealth simplification to help customers

George told bluenotes on video the completion of the sale of ANZ’s pensions and investments (superannuation) business to IOOF is another step in the bank’s ongoing simplification process.

"I'm really focussed on making sure we do that well. That we look after the people and customers during that period of time.” - Alexis George

It follows completion of the sale of ANZ’s life insurance business to Zurich last May which was marked the beginning of a long-term partnership with Zurich to offer life insurance solutions to customers.

“ANZ’s not getting out of Wealth. We made a deliberate decision to move away from being a ‘manufacturer’ of wealth products to partnering with specialists who will invest and really face into the disruption that as an industry we have to cope with,” George says. “We will continue to offer these solutions through the group by utilising those skills of the partners.”

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George outlined the bank’s continued commitment to advice noting financial planning is a valuable service for many of ANZ’s customers and the bank is still committed to offering customers high quality wealth solutions.

“We still have our salaried financial planners here. Yes, we've changed models, but they're still in the bank offering their services to our customers,” George says.

On December 9 2019, ANZ confirmed the Australian Prudential Regulation Authority (APRA) had approved the sale of OnePath P&I. The bank said it estimates the proceeds will increase ANZ’s APRA CET1 capital ratio by ~20 basis points. The approval comes after the Independent Trustee (OnePath Custodians) and ANZ both confirmed no objection to the transaction.

George also commented to bluenotes on the bank’s ongoing work to separate the business.

“For the next few years we are still providing many of the operational services and processing,” says George. “I'm really focussed on making sure we do that well. That we look after the people and customers during that period of time.”

You can watch the video above to find out more.

Andrew Cornell is managing editor at bluenotes