her predecessors, as she endorsed the withdrawal of big banks from superannuation and financial advice. The previous chief executives of the firm, including former CEO Francesco De Ferrari, AMP Australia chief executive Alex Wade have been critical the banks’ retreat from wealth management, or “Wexit” as it has become frequently termed. Wade, who abruptly left AMP last year, said it was said that it was “sad” their big competitors were leaving.
However, George is of the view that bank-owned wealth managers have failed to develop quality products and provide necessary advice to customers as they struggled to secure sufficient “attention and investment” that was required. “I think it’s important for wealth management to be the primary focus within an organisation,” she noted.
When inquired about the sale of ANZ Wealth to IOOF last year, George said that while it was the right decision for her former employer, it was still a difficult one. “Wealth goes to the core of my being,” she said. “So telling my people that we were selling a business I loved was one of the hardest decisions of my life – but the right decision for my people.”
