ANZ completes retirement banker placements

John Kavanagh
ANZ has completed an 18-month project to place a retirement banking specialist in each of its 816 branches.  The bank reported that there was strong demand for the service, with more than 50,000 customers having used it.

ANZ managing director retail distribution, Louis Hawke, said the retirement specialists were not financial planners or paraplanners.

Hawke said: "One of the things people in retirement or approaching retirement want to do is review their banking. They are going through a number of life events."

Part of the service is to guide the customer to a financial planner if they need advice on their superannuation, other investments or insurance, but the retirement banker's work is to make sure the customer has the right banking facilities in place.

Hawke said: "People have aspirations for what they want to do in retirement. They might need a savings plan, they might want to restructure their debt or make plans for their children."

He said many people were no more sophisticated about budgeting and saving in their retirement years than in their youth.

ANZ released some research this week showing that the top priorities of retirees were to travel and to pursue their hobbies.

Hawke said: "The research validates our strategy. People have goals for their retirement but they are uncertain about how they will fund them."

He said ANZ did not have any other retail banking specialisations on the drawing board. "We have small business specialists working out of branches because many of our small business customers come through the retail bank. And we have a team that works with women in business.

"We have financial planners throughout the network and home lending managers. We have migrant specialists in 18 branches that we have identified as hubs for new arrivals.

"We are very happy with the way the retirement banking specialists are working out."