ANZ promotes dealer group head

21-Apr-2016

By Daniel Paperny

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The chief executive of ANZ dealer group RI Advice, Darren Whereat, will move to the ANZ Wealth team in a newly-created role that will see him lead the bank’s aligned financial planners and oversee advice standards across the network.

The appointment comes just over a month after the bank said it would focus on simplifying its approach to wealth management by aligning the distribution of wealth products and services with its retail and commercial businesses “more closely”, as well as focusing its insurance, superannuation and investments product business in Australia on improving returns and capital efficiency.

It also follows the departure of ANZ wealth, marketing and innovation group executive Joyce Phillips, after ANZ chief executive officer Shayne Elliott signalled his intention to restructure the bank’s wealth management division.

“Over the past decade ANZ has made significant investments in its insurance, superannuation and investments business to consolidate its position as a leading player in Australia and New Zealand with strong market shares in key segments,” Elliott said at the time.

“These changes [will] generate more value for our 8 million customers by making it simpler and more convenient to access wealth solutions through closer coordination and alignment of our wealth and retail products. The changes [also] help us unlock more potential from wealth and reduce complexity, duplication and cost across our business.”

As general manager of aligned dealers and advice standards, Whereat will now report to ANZ Australia managing director of wealth Alexis George.

“Over the last three years Darren has made a strong contribution to our business as chief executive of RI Advice,” George said.

“This coupled with his significant industry experience will make him a valuable addition to the wealth Australia leadership team.”

Whereat has more than 25 years’ experience in financial services with a background in developing and supporting advice networks at ANZ as chief executive of RI Advice, in addition to similar roles at BT Financial Group, Asgard and MLC.

Joining Whereat is Joe McGrath, who has been appointed as ANZ Wealth state manager for Victoria and Tasmania in the retail sales team.

Most recently, McGrath was ANZ’s head of network sales and has been involved in the Victoria and Tasmania advice and broking market for the past 12 years with various roles at the bank.

George added the bank would begin the recruitment process to find a new RI Advice chief executive over the coming weeks.

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