AIA Australia has confirmed well-known and respected senior exec, Pina Sciarrone, has been appointed CEO and Managing Director of AIA Australia’s new advice business, AIA Financial Wellbeing, which the insurer has announced it will launch to support customers from AIA’s network of partners.
A statement from the insurer notes it has expanded its partnership with the Commonwealth Bank to include an advice referral arrangement, with CBA partially transferring its salaried advice business, Commonwealth Financial Planning, to AIA Australia’s new advice subsidiary.
AIA Financial Wellbeing will offer personal advice to customers of the bank with life insurance and simple wealth needs
It says AIA Financial Wellbeing will offer personal advice to customers of the bank with life insurance and simple wealth needs, noting that the new venture will assist with the growing challenge that lower to middle-income Australians have in accessing affordable advice.
The company says Sciarrone joined AIA Australia in 2010 and has held several senior positions, including as Chief Retail Officer from 2014-2020.
CBA Group Executive of Retail Banking Services, Angus Sullivan, says the announcement “…is an exciting next step that builds on the strength of our partnership with AIA, and progresses our strategy to reimagine the products and services we offer our customers.”
He adds that CBA believes that quality financial advice plays an important role in helping Australians improve their financial wellbeing. “Our expanded partnership with AIA will give us the ability to refer customers with life insurance and simple wealth needs to AIA.”
The insurer says AIA Financial Wellbeing will operate under a separate AFSL to AIA Australia and advice will be provided by salaried advisers, with AIA extending employment offers to some CFP employees.
