A non-major lender has announced that it will be withdrawing business development managers from two states, citing “soft market conditions” and a low level of business generated in those areas.
Heritage Bank has announced the departures of its South Australian BDM, Mary Tarling, and Western Australian BDM, Kelvin Tan, effective immediately.
The lender stated that Victorian BDMs Scott Cornford and Tanya Brimblecombe will now be servicing South Australian and Western Australian clients.
Heritage made the decision to remove its two BDMs from SA and WA following a review of its broker distribution channel.
According to the lender, the review showed that maintaining a physical presence in South Australia and Western Australia was no longer sustainable.
In a statement to The Adviser, head of broker distribution Michael Trencher said: “This was a difficult decision, that we reached only after long and detailed consideration.
“Ultimately, it came down to the soft market conditions in those states, and the level of business we had been generating, which meant it was not sustainable to maintain our presence there.”
Mr Trencher thanked Ms Tarling and Mr Tan for their service to the bank.
“Mary and Kelvin will both be finishing up with Heritage when the new arrangement comes into effect on 27 July, and we acknowledge and thank them for their contribution to Heritage.”
The head of broker distribution added that he was confident that the bank would continue providing adequate service to South Australia and Western Australia-based brokers and their clients.
“We’re confident that we can continue providing the same excellent level of service to brokers and their clients in those states, via the improved online capabilities we now have in place for brokers, and our other teams in Brisbane, Sydney and Melbourne,” Mr Trencher said.
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