'Natural' to buy wealth products direct
An increase in the number of Westpac customers who also have wealth products with the bank is a sign that its staff are having a new type of conversation with customers, says the bank’s general manager of business banking.
Monday, February 11th 2013, 9:05AM
by Susan Edmunds
Westpac revealed last week that the percentage of its customers with wealth products had increased to 23.4%, from just over 17% at the beginning of 2011.
It said it was putting a focus on cross-selling.
Ian Blair said the increase was partly an indication that New Zealanders had an increasing appetite for investing in something other than property.
“And it’s an indication that we’re having better quality discussions to understand customers’ financial needs, which we haven’t discussed before."
He said it was a natural fit for customers to go to their main bank for these products, rather than working with an independent financial adviser.
Asked whether financial advisers should be worried about the bank’s move to sell direct to customers, Blair said: “We’ve got a lot of financial advisers working within Westpac, and they’re not worried.”
He said there would be more opportunities in the market as New Zealanders looked to diversify their investments and as the country's equities markets built depth and liquidity.
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