CUA launches financial planning offshoot
Credit Union Australia has launched Mentor Australia Financial Planning, a new subsidiary to assist its 200,000 members with wealth creation and planning. CUA's financial planning business has been operated for the past 13 years under licence to ABN Amro Morgans.
CUA received its Financial Services licence in 2002 under the Financial Services Reform Act and Mentor now offers the full range of wealth creation services; retirement planning, stockbroking, estate planning and superannuation. While it does not yet have its own funds, that is a possible future option.
CUA's head of financial planning, Paul Geisel, said further opportunities will be created for Mentor when changes under the Act relating to “incidental advice” become effective. Mentor is also looking at strategic alliances with professional organisations as well as acquisitions of other financial planning businesses.