AIA Australia is to launch a new advice business, AIA Financial Wellbeing, to support customers from AIA’s network of partners.
A statement from the insurer says it has expanded its partnership with the Commonwealth Bank of Australia to include an advice referral arrangement, with CBA partially transferring its salaried advice business, Commonwealth Financial Planning, to AIA Australia’s advice subsidiary.
It says AIA Financial Wellbeing will offer personal advice to customers of the bank with life insurance and simple wealth needs, noting that the new venture will assist with the growing challenge that lower to middle-income Australians have in accessing affordable advice.
CBA Group Executive of Retail Banking Services, Angus Sullivan, says the announcement “…is an exciting next step that builds on the strength of our partnership with AIA, and progresses our strategy to reimagine the products and services we offer our customers”.
He adds that CBA believes quality financial advice plays an important role in helping Australians improve their financial wellbeing.
“Our expanded partnership with AIA will give us the ability to refer customers with life insurance and simple wealth needs to AIA,” he says.
CEO and Managing Director of AIA Australia and New Zealand, Damien Mu, says the company is excited by the new opportunity to enhance the financial well-being of Australians.
It wants to support the customers and members of its partners who have life insurance and simple wealth needs, “…to help them achieve a healthier, longer, better life by understanding the linkage between financial wellbeing and their physical and mental wellbeing”.
The insurer adds that AIA Financial Wellbeing will operate under a separate AFSL to AIA Australia and advice will be provided by salaried advisers, with AIA extending employment offers to some CFP employees.
Mu noted that alongside AIA Financial Wellbeing, AIA Australia will continue to focus on partnerships with external financial advisers who provide valuable comprehensive advice to their clients.