NAB expects further adviser provisioning
The National Australia Bank has foreshadowed further provisioning for remediation of adviser service fees for self-employed advisers, at the same time as announcing an unaudited statutory net profit of $1.7 billion for the third quarter on the back of a one per cent increase in cash earnings.
In a third quarter update released to the Australian Securities Exchange (ASX) the big banking group said its transformation remained on track but that it expected a further increase in provisioning.
NAB chief executive, Philip Chronican said that as previously highlighted, customer remediation programs and regulatory compliance investigations were continuing with potential for additional costs.
“While amounts and timing remain uncertain, additional provisions are expected to be recognised in the second half of 2019, including for adviser service fees for self-employed advisers,” he said.
Recommended for you
Advice firms are increasing their base salaries by as much as $50k to attract talent, particularly seeking advisers with a portable book of clients, but equity offerings remain off the table.
MLC Expand has appointed retirement specialist Andrew Long to work with advisers and licensees and drive growth for its recently launched retirement solution.
Despite banks largely having exited the industry, advisers under institutional licensees are least likely to switch while 26 advisers have been appointed to a licensee more than 10 times.
Insignia Financial has shared a progress update on the acquisition by US private equity firm CC Capital as well as the departure of a long-standing director.
