I can see the wisdom in this, but the large banks are exiting financial planning for a reason. Maybe they considered whether a large reduction in back office costs would have helped the business become profitable? Maybe that was the whole point of the pilot. CBA was seeing if they could keep the financial planning side going to turn a profit - then they decided that the numbers just didn't add up enough to make it worthwhile.
At least we only have to wait for one more quarterly to find out where this is going.
IAM Price at posting:
0.1¢ Sentiment: Buy Disclosure: Held
