ASB makes changes to its wealth management strategy

ASB Bank is on the hunt for a recruit to fill its newly created position of general manager of investments as it seeks to push forward its integrated wealth management strategy.

Thursday, July 16th 2009, 7:37AM 3 Comments

by Sonia Speedy

ASB head of investment services Jonathan Beale says the appointment is part of new chief executive Charles Pink's efforts to move the bank forward.

"Part of that is having more of an integrated wealth channel because we do have the luxury of ASB Securities and Aegis, ASB Investments, Jacques Martin and Capital Markets and a few other things. The job description is trying to pull that all together," he says.

Applications for the position closed on July 10, with the job advertisement stating that the new recruit would report to the chief executive of customer markets and products and be responsible for leading the integrated wealth management strategy. The position was open to internal and external candidates.

ASB also now has a new investment advice process firmly in place, having moved away from the previous Five Step Guide used by its investment advisers to a more "traditional" and "strict" financial planning, investment advice process. It has also begun using paraplanning software system Xplan for advisers to feed data into and make recommendations.

The new advice process, the essence of which is captured in ASB's Guide to Investing, includes an initial 45 minute "getting to know each other" meeting for client and adviser, with more of the fact-finding and discussion around concepts taking place in a second meeting, Beale says. A third meeting is held to present the plans.

"We're moving to a much more written advice (process) every time we transact business for customers," he says.

"I think it's the right way of doing investment advice and is also partly about the regulations. We're probably a few steps ahead with the way that we've educated our advisers and the in-house training and all that sort of stuff," he says.

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Comments from our readers

On 22 July 2009 at 7:13 pm Philip said:

Evolution and a good move, as the first restructuring in 2003 didn't fully integrate the various units.

As for the investment process, also timely as the 5 Step Investment Guide was designed for its simplicity of use, whilst covering the key principles of investing, and has stood the test of time since 1997.

Replacing it was on the agenda in 2004 after the Private Portfolio Service was restructured and written plans were produced for PPS clients.

No doubt the new GM Investments will build upon what is already a very sound business, and has been since its inception.

On 27 July 2009 at 12:23 pm PK said:

ASB, one step ahead - a 'fact find', brilliant idea!

On 30 July 2009 at 2:29 am Philip said:

Sorry to disappoint PK but "fact finding" was always a part of the adviser process. Beale's choice of words let him down a little!!

And the ASB process always was ahead of the game....in 1997 the advisers would present a full Disclosure Document to the client at the begining of every interview, containing all that is now required. Not a requirement then and not many others did it except upon request.