The Commonwealth Bank of Australia (ASX: CBA) share price is slipping amid news the bank is closing its financial planning business.
CBA's Commonwealth Financial Planning will stop providing services from the end of next month after an internal strategic review. The review followed the bank's decision to expand its partnership with AIA Australia.
At the time of writing, the CBA share price is $105.06, 0.38% lower than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) has fallen 0.1%. That's despite it spending most of today higher than its previous close. Fortunately, the All Ordinaries Index (ASX: XAO) is still up 0.06%.
Meanwhile, the share prices of Australia and New Zealand Banking Group Ltd (ASX: ANZ), Westpac Banking Corp (ASX: WBC), and National Australia Bank Ltd (ASX: NAB), are all in the green on Tuesday. They've gained 0.1%, 0.2%, and 0.4% respectively.
Let's take a closer look at today's news from the ASX's largest bank.
CBA share price slips amid business closure
The CBA share price is struggling today amid the bank's decision to shut down its financial planning arm, transferring some of its duties to AIA Australia.
CBA's partnership with AIA Australia includes an advice referral arrangement. The arrangement will kick in when CBA transfers part of its Commonwealth Financial Planning business to AIA's subsidiary, AIA Financial Services.
The bank will continue to help Commonwealth Financial Planning customers with advice in progress with a view to completing and implementing the advice by 30 November.
Commonwealth Financial Planning's customers seeking life insurance, superannuation, and wealth advice will be transferred to AIA's soon-to-be-born AIA Financial Wellbeing service.
AIA Financial Wellbeing is expected to launch in the final quarter of this calendar year.
The closure of CBA's financial planning business comes just months after the bank sold its general insurance division to Hollard Group in July.
