AIA Australia will launch a new advice business in partnership with Commonwealth Bank of Australia (CBA) for customers with life insurance and simple wealth needs.
CBA would partially transfer its salaried advice business, Commonwealth Financial Planning, to AIA Australia’s advice subsidiary.
The newly-launched AIA Financial Wellbeing would offer personal advice to bank customers who had life insurance and simple wealth needs.
Services would be provided by salaried advisers under a separate Australian financial services licence (AFSL) to AIA Australia and AIA would extend employment offers to some CFP employees.
AIA Financial Wellbeing will operate under a separate AFSL to AIA Australia. Advice would be provided by salaried advisers, with AIA extending employment offers to some employees of Commonwealth Financial Planning.
The service would be led by Pina Sciarrone as chief executive and managing director.
Damien Mu, chief executive and managing director of AIA Australia and New Zealand, said: “This is a transformational milestone in our dream to champion Australia to be one of the best advised, healthiest and best protected nations in the world.
“Alongside AIA Financial Wellbeing, AIA Australia will continue to focus on partnerships with external financial advisers who provide valuable comprehensive advice to their clients.”
Group executive of retail banking services at CBA, Angus Sullivan, said: “[This] is an exciting next step that builds on the strength of our partnership with AIA, and progresses our strategy to reimagine the products and services we offer our customers. CBA believes that quality financial advice plays an important role in helping Australians improve their financial wellbeing”.