Westpac Leaves Personal Advice To Others

This week Westpac announced its intention to stop licensing advisers to offer personal financial advice, joining its big-four rivals in abandoning the once-dominant model of vertical integration. The decision to stop licensing advisers, who either work directly for Westpac or operate as authorised representatives under its Securitor and Magnitude brands, is expected to result in the loss of 900 full time jobs and will continue the industry's stampede towards self licensing.