IMB Bank announces sale of financial planning business to Bridges Financial Services and enters into strategic partnership

March 10, 2020

Following a strategic review, IMB Bank has today announced the sale of its financial planning business to Bridges Financial Services (Bridges), effective May 1, 2020. The arrangement will see Bridges take ownership of IMBFP’s advice business assets and provide ongoing financial planning and advice to IMB’s members via an exclusive referral arrangement.

IMB Chief Executive, Robert Ryan, said, “The sale of IMB Financial Planning to Bridges will provide our financial planning clients with a wider range of specialised financial planning services than IMB Financial Planning is able to offer. Our strategic partnership with Bridges will also allow us to support the advice needs of our members as we continue to expand geographically.

“Following a comprehensive review of our options, Bridges was chosen as they offered a compelling financial planning proposition for our clients, supported by a strong presence across our key markets which will benefit our members into the future.

“Bridges provides financial planning services to approximately 60 per cent of the mutual banking industry and understands and respects the principles of customer-owned banking, and its values and commitment to providing quality specialised financial planning advice closely aligns with ours.”

Bridges Chief Executive Officer, Nathan Stanton, said, “At Bridges, we believe financial advice makes a difference and we are delighted to be able to work with one of Australia’s largest member-owned banks to give IMB customers the opportunity to experience the benefits of financial advice. Bridges has grown to become one of Australia’s largest national financial planning and stockbroking organisations and, during this time, has become the partner of choice for the customer-owned banking industry.”

The IMB Financial Planning sale involves the transfer of IMBFP’s financial planning clients to Bridges Financial Services, with current advice and investments remaining unchanged. The current IMB Financial Planning advisors and administration staff will transition to Bridges and many ‘client-planner’ relationships will remain unchanged.

“Financial advice remains an important part of our suite of services and we will refer members seeking financial advice to Bridges under a referral relationship. We remain committed to our purpose of providing simple, authentic member-owned banking, and we believe Bridges will further enhance and enrich our offering,” Mr Ryan said.

IMB Financial Planning clients will receive information from IMB in coming days outlining the change and what it means for them.

The transfer of operation will occur on May 1, 2020. Preparation for the transfer of client relationships to Bridges will commence immediately to ensure a smooth transition for current IMB Financial Planning clients.

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