Summary
- Westpac NZ's sale of a part of its financial advisory business to Forsyth Barr has been confirmed today by the 2 organisations after consultation with employees.
- A total of 32 new staff will join Forsyth Barr from Westpac's wealth advisory and operations team, across 11 of Forsyth's 22 offices.
- While customers with large investment portfolios will stay with Westpac NZ, investments will be managed through specialists at Forsyth Barr.
Westpac Banking Corporation (NZX:WBC) New Zealand has put a part of its wealth advisory business on sale to Forsyth Barr. The two organisations believe that the sale would provide current benefits for clients through a partnership approach.
On 12 November, at the time of writing, Westpac Banking Shares were trading at NZ$19.45, down by 1.92%.
The 2 companies announced today (12 November) that they would continue with the decision to move the high net worth consultancy business of Westpac NZ to Forsyth Barr, after discussions with its staff. Subsequently, Forsyth Barr will be joined by 32 members of Westpac NZ's wealth advice and operations unit, across 11 of Forsyth Barr's 22 offices.
Katie Christoffersen Westpac NZ Head of Private Wealth Management stated that the model would give clients the best of both companies- great banking products and tailored support from Westpac while devoted investment guidance for a larger product and service assistance from experts at Forsyth Barr.
DO WATCH: Westpac becomes lowest rated Bing Bank among customers. | Kalkine Market Update NZ |
She also asserted that Forsyth Barr ticked all the boxes in its search for finding a well-respected partner and provide consumers with better results. She added that Westpac NZ would persist in providing financial advisory services to customers with small to medium investment portfolios.
Forsyth Barr offers solid wealth management offering
Forsyth Barr was established in Dunedin in 1936 and has been helping NZ investors in growing and managing wealth by delivering innovative financial services and investment solutions through local and global research.
On 21 October, Forsyth Barr won the prestigious Sharebroking Firm of the Year award at the 2020 INFINZ, placing it first for investment strategy and quantitative research for the 7th year consecutively. The annual INFINZ awards acknowledge originality and quality in NZ's financial and capital markets and are recognised as prominent financial industry awards in NZ.
Forsyth Barr was thrilled to be associated with Westpac NZ that helps both organisations to support clients with their proven complementary strengths.
Neil Paviour-Smith, MD, Forsyth Barr commenting on the wealth management partnership between Westpac NZ and Forsyth Barr noted that alignment is still the secret to healthy relationships. This collaboration signifies a dedication from both companies to provide consumers in New Zealand with the highest quality service and will produce excellent results for consumers together.
He also added that with Westpac NZ's partnership, Forsyth will now have 180 financial advisors and welcomed the new perspectives that new people will bring in.
The deal would be effective from 11 November.