How we can help with your financial planning needs in the future

We believe that quality financial advice plays an important role in helping Australians improve their financial wellbeing. While we will no longer directly provide personal financial advice through CFP, we’ve expanded our partnership with AIA Australia (AIA). This means CommBank customers with life insurance, superannuation and wealth advice needs can continue receiving financial advice across a range of product providers through AIA’s new advice business, AIA Financial Wellbeing, which will launch in December 2021.

You can visit AIA Financial Wellbeing for more information about their services and our partnership.

Customers who don’t want to receive financial advice from AIA Financial Wellbeing, or who have more complex advice needs, can visit moneysmart.gov.au and search for ‘Choosing a financial adviser’. This includes useful information to help you find the right financial planner for your needs.

FAQs

I’m a CFP customer – what do I do if I need financial advice?

CFP can no longer commence new financial advice services. 

If you received a letter from us letting you know that you will be able to receive financial planning services from AIA Financial Wellbeing, you don’t need to do anything. You will be closely supported with a smooth transition to AIA Financial Wellbeing to help manage your ongoing financial planning needs from December 2021.

If you didn’t receive this letter, you need advice now or you don’t want to receive financial advice from AIA Financial Wellbeing, you can visit ASIC’s MoneySmart resources and search ‘Choosing a Financial Planner’. This includes useful information to help you find the right financial planner for your needs.

For new customers – where do I go if I need to get advice? 

Our branch team can support you with a referral to AIA Financial Wellbeing if you have financial advice needs in relation to life insurance, superannuation and wealth advice needs from December or you can contact AIA Financial Wellbeing directly.

Alternatively, if you have more complex advice needs, you need advice now or you don’t want to receive financial advice from AIA Financial Wellbeing, you can visit ASIC’s MoneySmart resources and search ‘Choosing a Financial Planner’. This includes useful information to help you navigate the financial planning process and find the right planner for you.

Who is AIA? 

AIA is an Australian life and health insurer and investments business, protecting the needs of more than 3.8 million Australians, in addition to its new advice business. AIA is part of the AIA Group, which spans 18 countries across Asia-Pacific.

I’m a CFP customer and have been told I will be moved to AIA Financial Wellbeing – can I opt out of being transferred to AIA Financial Wellbeing?

Yes, it is your decision. If you don’t want to receive financial planning services from AIA Financial Wellbeing, please refer to the letter we sent you for timeframes and details on how to opt out. If we don’t hear from you, we’ll pass on your details to AIA Financial Wellbeing so you can continue receiving financial planning services from AIA Financial Wellbeing.

If you decide not to proceed with AIA Financial Wellbeing’s services but would still like financial advice, you can visit ASIC’s MoneySmart. This includes useful information to help you find the right financial planner for your needs.

How are you protecting customers’ privacy during the transfer? 

Protecting your personal information is a vital part of our relationship with you. We’re committed to being open and honest with you about what CFP and AIA do with this information.

If you decide to proceed with AIA Financial Wellbeing’s services, we’ll be sharing your personal information with AIA, unless you ask us not to. This will include your name, contact details, date of birth, financial product details, employment status and other information we’ve received from you in order to provide financial advice. If your personal information includes details about other individuals connected with you, like your dependants, beneficiaries or accountant, we’ll also be passing on this information to AIA.

AIA will have responsibilities under their privacy policy as to how they handle your personal information. To protect your privacy further, AIA may also ask for your consent to access certain personal information when you’re dealing directly with them.

Your personal information will be shared between CFP and AIA confidentially and securely in accordance with our privacy policies.

To learn more about how CFP and AIA handle your personal information, or to read our respective privacy policies, visit commbank.com.au/privacy or aia.com.au/privacy.

How will my personal information security be protected?

CFP have put arrangements in place to help manage data security in the transition of your details including system access controls, data restriction, training, testing and contractual protections.

Can I move my advice relationship to wherever my financial planner goes?

You are always free to move your financial advice relationship where you prefer.

What happens to my financial planner? How do I stay in touch with a planner?

While we are unable to confirm this specifically right now, you are more than welcome to reach out to your financial planner at any time to discuss any questions you may have that relate to your financial advice relationship.

Where can you get help?

For more information on these changes, you can call us on 1800 247 407 between 8:30am and 5:30pm AEDT, Monday to Friday.

Our friendly CommBank team are still here to help with all your banking needs. For all banking enquiries, please call 13 2221 between 6am and 10pm.

I am not happy with this decision. Who can I speak with?

If you have a complaint please contact us in the first instance. It's important we hear about it so we can make things right. 

We'll take your feedback seriously, work with you to address your complaint quickly and aim to find a resolution that's fair and reasonable. In doing so, we will uphold the Bank's complaint handling principles each and every time.

You can talk to us online or call us:

  • 9am - 6pm, 7days a week (Sydney/Melbourne time)
  • 1800 805 605 from Australia
  • +61 2 9687 0756 from overseas

Things you should know

This website contains important information or updates about your service.

If you have a complaint about AIA’s or AIA Financial Wellbeing’s products or services, AIA’s dispute resolution team can be accessed on 131 056.

If you have a complaint about something else, the Bank’s dispute resolution process can be accessed on 13 2221. Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian credit licence 234945.

AIA Australia Limited ABN 79 004 837 861 AFSL 230043 (AIA Australia) and AIA Financial Services Limited ABN 68 008 540 252 (AIA Financial Wellbeing) are not part of the CBA Group and CBA does not guarantee and is not responsible for the performance or obligations of AIA Financial Wellbeing or for the performance of products issued by AIA Group or AIA Australia. Links or references to material on external sites are provided for your convenience only and inclusion does not represent endorsement of the external providers.