Bank seeks new head of broker

Adelaide Bank’s third-party banking division will therefore have a broker team, a mortgage partners team (for mortgage managers) and a strategic partners team (for fintechs and online businesses).

Mr Caminiti has now taken up the role of senior manager, mortgage partners.

He will reportedly maintain management of the broker channel as well as undertake his new role as head of mortgage partners until a replacement is found.

It is expected that a new senior manager, broker distribution, will be appointed before the end of the year.

The new third-party banking structure

According to the bank’s head of distribution, third-party banking, Darren Kasehagen, the new different channels have been created to better manage the needs and strategies of the bank’s partners.

Speaking to The Adviser, Mr Kasehagen said: “Essentially, we had a mortgage broker team and a mortgage management team, and what we’ve decided to do is split the mortgage management team into two: a mortgage partners team and [a] strategic partners team.

“The reason we’ve done that is to provide a greater clarity and greater focus for our partners. So, by dividing the team into two, it allows us to have greater depth of discussion with those partners, more tailored strategies for each of our partners and, generally, a greater focus across the board.” 

The head of distribution for third-party banking elaborated that the “less traditional” strategic partners, such as online lender Tic:Toc (in which Adelaide Bank has a share), operate in different markets with different cost structures than mortgage managers, so having a blanket strategy for the different partners was not always viable.

He added that the “time was right” for them to split the teams, as the bank has been increasing its level of mortgage and strategic partners over the past few years.

Mr Kasehagen said that he was “delighted” to announce the new mortgage partners team, adding: “In his new role, Fons will take control of managing Adelaide Bank’s long-standing mortgage manager partners, supported by Rob Morrison, who will take on a senior sales position within the team, continuing his involvement with our partners.

“The process to find a replacement for Fons will commence shortly and we will be making further announcements about subsequent changes within the third-party banking distribution team in [the] coming week.”

Adelaide Bank’s head of distribution, third-party banking, said that the bank will now look to build both the mortgage partners and strategic partners channels, as well as bolster the broker channel.

“Adelaide Bank is particularly well placed to remain very competitive and continue the growth in volumes we have experienced over the last 12 months,” Mr Kasehagen said.

“These moves provide us with a great opportunity to continue to build our team.”

[Related: Non-major announces third-party leadership changes]