AIA to launch new financial advice service

AIA Australia is set to launch AIA Financial Wellbeing later this year.

The goal of the new operation is to offer affordable, reliable, and "straightforward advice" for customers with life insurance, superannuation, and simple wealth advice needs. The service will be operated by AIA Financial Services Limited. They have partnered with CBA on an advice referral arrangement, part of CBA's partial transfer of its Commonwealth Financial Planning business to AIA.

Pina Sciarrone, who has held a variety of roles with AIA over the last decade including head of adviser services and chief retail insurance officer, will become the CEO and managing director of AIA Financial Wellbeing.

AIA Australia CEO and managing director Damien Mu said he was excited by this new opportunity. "This is a transformational milestone in our dream to champion Australia to be one of the best advised, healthiest and best protected nations in the world. Alongside AIA Financial Wellbeing, AIA Australia will continue to focus on partnerships with external financial advisers who provide valuable comprehensive advice to their clients."