Commonwealth Bank of Australia (CBA) has announced that its (CBA) advice arm will leave the financial planning market after undergoing a strategic review.
Commonwealth Financial Planning (CFP) “will cease providing advice services by 30 November 2021”, CBA said.
The decision follows a recent partnership between the bank and AIA Australia which included an advice referral agreement through the partial transfer of the financial planning business to AIA Financial Services, a wholly owned subsidiary of AIA.
CBA added: “CFP customers with life insurance, superannuation and wealth advice needs who meet AIA’s licence and have not opted-out of the transfer are being closely supported with a smooth transition to AIA to help manage their ongoing financial planning needs.
“CFP customers who have financial advice in progress will continue to be supported by CFP to complete and implement the advice before 30 November 2021.”