Commonwealth Bank pilots one-stop investment shop
31 January 2006
The Commonwealth Bank has unveiled the ‘Investment Shop’- its first full service in-branch financial information and advice centre - at Bondi Junction in Sydney’s east.
According to the Bank, the centre offers improved access to its suite of specialist investment services and educational information.
Additional centres will be rolled out nationally by the Bank by mid-2006.
David Marshall, Commonwealth Bank Executive General Manager - Retail Service and Sales, said the Bank is committed to delivering customers access to an all-in-one branch.
"The Investment Shop was developed in response to customer requests for a one-stop shop providing access to a suite of financial services and advice. Aiding the improvement of our customers’ financial literacy is also a significant benefit of the Investment Shop."
"We can provide resources to improve financial understanding amongst our clients, particularly in areas such as investment, superannuation and insurance. These market segments represent an area where Australians tend to be fairly inexperienced and are not adequately covered," said Mr Marshall.
The Investment Shop is located within a designated area of the branch. It will offer expertise, information and planning services through Commonwealth Financial Planning which covers general financial advice, retirement, insurance, investing.
"The bank has a comprehensive range of investment and insurance products and services backed by the most extensive financial services network in Australia including some 600 specialist Financial Planners and Insurances Advisors," said Mr Marshall.
Each Investment Shop will also provide access to a CommSec specialist to assist with DIY investing enquiries.
"The Bank’s strategy is to build long term relationships with our customers across all areas of their financial lives by providing relevant, informed advice and choice," said Mr Marshall.
"Our goal is to also grow and protect the wealth of our Customers," added Mr Marshall.
While the Investment Shop sits within the Commonwealth Bank branch, it remains independent of branch operations and will direct specialist investment and advice enquiries away from the tellers and counters.
Following an initial consultation, customers can opt to pay for a personalised financial program to be developed by their Commonwealth Financial Planner.
All Commonwealth Financial Planners are fully qualified members of the Financial Planning Association.
The Investment Shop is located inside the Commonwealth Bank at 133-135 Oxford Street (cnr Newland Street), Bondi Junction, and will be open during normal bank trading hours Ph: (02) 9369 8444.
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For further information please contact:
General Manager, Media and Issues Management
Phone: (02) 9378 2663
Mob: 0414 789 649
Notes to Editors:
- The Investment Shop is a financial services information and advice centre for The Commonwealth Bank.
- Up to four additional Investment Shops are expected to be rolled out nationally prior to 30 June, 2006.
- The Investment Shop is a joint venture between the Bank’s Retail Banking Services and Wealth Management arms.