The sale of Westpac NZ’s wealth advisory business to Forsyth Barr has been confirmed by the two organisations after weeks of speculation from the industry.
Friday, November 13th 2020, 6:30AM
Katie Christoffersen
Westpac and Forsyth Barr confirmed today they would proceed with a plan to transfer Westpac NZ’s advisory business to Forsyth Barr, following consultation with employees.
Resulting from this change, 32 members of Westpac’s wealth advisory team will join Forsyth Barr.
Westpac NZ head of private wealth management, Katie Christoffersen, says customers with large investment portfolios will remain with Westpac NZ for their transactional and lending needs, while their investments will be managed through Forsyth Barr.
“We expect this model to provide clients with the best of both worlds – great banking products and personalised service from Westpac, and dedicated investment advice with a wider product and service offering from the specialists at Forsyth Barr.”
Forsyth Barr managing director Neil Paviour-Smith said Forsyth Barr was excited to be entering into a partnership with Westpac.
“We are particularly proud of the calibre of our wealth management offering, and the research and analysis that informs our advice.
“Over the last three years we have grown our adviser business significantly and with the Westpac team joining us we will have 180 financial advisers. We welcome the fresh perspectives that new people bring – they challenge us to keep evolving and improving how we deliver for clients. Most importantly, this partnership furthers our progress towards our goal of ensuring all New Zealanders have access to world-class advice to help them grow their wealth.”
The transaction will take effect on December 11, 2020.
