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CBA dumps Count Financial for $2.5m

James Frost and Carrie LaFrenz
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Commonwealth Bank has sold its troubled financial planning arm Count Financial for just $2.5 million in an asset fire sale as it accelerates its exit from wealth management.

The sale includes 359 planners at 160 advice firms with $8.1 billion in funds under advice. The sale follows hard on the heels of Westpac's heavily discounted sale of its financial advice arm to Viridian for a similar sum.

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James Frost writes about banking, funds management and superannuation. Based in Melbourne, James has been reporting on specialist business and finance topics for 15 years. Connect with James on Twitter. Email James at james.frost@afr.com
Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
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    Original URL: https://www.afr.com/companies/financial-services/cba-dumps-count-financial-for-2-5m-20190613-p51x84