ANZ's calling card: financial planning

ANZ's service is one of the first big wealth management players to take advantage of the Gillard government's shake-up of the financial planning sector. While much of the focus has been on abolishing commissions, the changes have also paved the way for providing limited advice to customers.

The bank's wealth arm has been testing providing basic financial advice over the phone for the past six months, selling products such as life insurance or superannuation.

The service was originally aimed at customers in remote and regional Australia, ranging from miners to farmers who would otherwise find it tough to link up with a planner. It is now looking at rolling the My Advice program across to its entire network.

Under the government's Future of Financial Advice changes, limited or scaled advice can be offered by planners, superannuation trustees and, potentially, accountants.