People Moves

CBA's Financial Wisdom Arm Absorbs Whittaker Macnaught Advisors

Vanessa Doctor Asia Correspondent 1 July 2013

CBA's Financial Wisdom Arm Absorbs Whittaker Macnaught Advisors

Following the announcement of the imminent shutdown of Commonwealth Bank of Australia dealer group Whittaker Macnaught, CBA said that most of the 28 advisors from the company will be moving to its other subsidiary, Financial Wisdom.

Commonwealth Bank Wealth Management first announced in April this year that it is closing Whittaker by the end of June. CBA acquired the dealer group from BankWest in 2008 and invested some A$3 million ($2.7 million) into an Australian financial services license in 2012 to keep it compliant.

Effective 1 July, 13 former advisors at Whittaker Macnaught will move under the Financial Wisdom license and will continue to work with clients in Brisbane CBD, Maroochydore, Mount Gravatt and Mackay. Four of the 28 will be setting up their practice under Eureka Financial Group, which is also part of Financial Wisdom. Eureka will then be renamed to Eureka Whittaker Macnaught.

Whittaker Macnaught recorded A$1.1 billion in funds under advice as of 30 April 2013.

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