NAB restructures to meet HNW needs
National Australia Bank (NAB ) has further restructured its wealth management business, announcing today that is forming a pure private banking proposition for high net worth clients.
The big banking group said that its private banking arm would be renamed NAB Private, and would offer high net worth clients specialised services such as structured finance while also connecting clients to its specialist private wealth advisory business, JBWere.
Under the change, more than 60 NAB Private employees will move across to the wealth management business, JBWere, which will provide specialised wealth creation and protection advice.
JBWere chief executive, Justin Greiner said the decision to adopt the new model followed extensive research among high net worth clients.
He said the clear message coming back was that they wanted deep expertise from their trusted private bankers and wealth advisers.
NAB Private executive general manager, Christine Yates claimed the NAB proposition was different to private banks simply relocating to their retail banking division.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
