Hi Mate,
For reference:
ANZ sold most of their financial planning arms to IOOF. They still have some salaried planners in-house but expect this to scale down. They got a really good price (pending IOOF claiming on indemnities or the deal falling over) as they sold this before the RC storm.
CBA essentially gave Count to Countplus. Sale price was $2.5m however they are indemnifying $200m of remedication costs so the sale price could actually end up them giving countplus $197.5m to take the business off their hands. Count was a loss making business by the point of sale.
Westpac essentially gave their financial planning arms to Viridian. Those arms also loss making. This was smart as they are now Viridian's problem but Viridian regularly uses BT products (such as the panorama platform) so Westpac will still benefit from flows into their products without the apparently $280m it cost them annual to provide financial planning.
NAB have announced they will 'demerge' their financial planning operations (CBA wanted to do this too with CFS, Count and FinWiz) but we will see if anyone actually wants them.
On the smaller scale side:
MyState sold to Fidician.
Bendigo Bank sold to Bridges (under IOOF banner).
All of the sale prices are slim to nothing. Shows how quickly they just want to all walk away after milking the industry dry. The tell tale sign was when they were all selling their funds management and insurance arms - Financial planning was a loss leading operation to sell these products.
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