Bank of Queensland today announced its entry into the wealth management industry through key alliances with Genesys Wealth Management and Macquarie Bank.
BOQ, at the announcement of its record interim results, said that the pilot of its alliance with Genesys and its financial planning network had proved very successful and would now be rolled out across the country, matching the Bank's growing retail and business banking network with more than 400 Genesys Financial Planners.
BOQ Managing Director David Liddy also announced a key alliance with Macquarie Margin Lending to launch the best value for money Margin Lending product in the market. The streamlined BOQ Margin Loan will be market-leading, and will be distributed through BOQ branches, Business Banking Centres and Genesys Financial Planners.
“Bank of Queensland’s Margin Loan offers a highly competitive 7.95% p.a., no application or exit fees, and no minimum loan amount,” Mr Liddy said.
“Today, through our alliances with both Macquarie and Genesys, we have filled the final gap in our product suite and can now match our larger competitors in this fast-growing sector.
“We can now offer customers a complete wealth management solution, including retirement planning, superannuation planning, personal and business insurance and managed retail funds through our branches, business bankers and the private bank.”
Genesys Managing Director Ray Miles said: “This alliance is a significant milestone for Genesys and is central to our ambitious growth plans over the next five years.
“Above all, it’s the complementary cultures of Bank of Queensland and Genesys that will make this a success - both parties combine an entrepreneurial spirit with a strong desire to put their clients’ needs first.”
Head of Macquarie Margin Lending, Stephen Robertson stated that “Macquarie has the infrastructure, scale and expertise to manufacture customised Margin Loan products.”
“We have a division dedicated to managing our wholesale partnerships which enables us to be responsive to individual client needs,” Mr Robertson said.
“It was important to BOQ to be quick to market and leverage our economies of scale to produce a value for money Margin Loan under the BOQ brand.
“The premium service reputation of Macquarie makes us a natural choice for organisations like BOQ who have a similar high service value proposition.”
"Both organisations are looking forward to the roll out of this initiative to BOQ customers,” Mr Robertson said.