NAB FP announces cuts to entry level planners

NAB Financial Planning has announced a reduction in the number of its entry-level financial adviser roles from 90 to 35.

The NAB wealth management group announced the change today, describing it as a difficult decision but seeking to place it in the context of a realignment of the business and enhanced support to its financial advice practitioners from their leaders and support.

The big banking group said NAB Financial Planning had announced a new leadership structure which would see the leadership team aligned geographically.

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It said among the confirmed appointments were Iain Rogers as general manager, Channel Enablement; Paul Jarvis, national manager, Channel Enablement; Sandra Coso, manager of Channel Enablement; Stephen Bourne, general manager, Queensland, Simon Capp in an acting role as general manager, South Australia, Northern Territory and Western Australia GM and Ben Smith as head of business performances.

Commenting on the impact of the changes, the banking group said that while 55 entry-level positions would be impacted, it expected that many of those affected would secure new opportunities within the new structure, including the 30 new roles we have created within NAB Financial Planning. It said there would also be opportunities within the wider NAB Group.

The changes would not come into effect until 1 February 2017, and all staff would be supported throughout this process.

Commenting on the changes, NAB Financial Planning general manager, Tim Steele said they demonstrated the group's commitment to face-to-face advice and would ensure it had a customer-focused business that was positioned for growth.

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General Managers, General Managers of Channel Enablement, Manager of Channel Enablement, National Managers, State Managers, that's a lot of people in the food chain. All who depend on a single financial planner to sell a single product to justify these multiple management positions and salaries. And not one of them would of lost their jobs, during the recent bank advice scandals,, and the big banks have the hide to turn around and blame ''individual'' planners for poor conduct, whilst tarnishing all planners. Here all planners now sit doing extra courses etc etc, because the General Manager told the Executive Manager of Channel distribution who told the Manager of Channel Distribution who told the National manger who told the state manager to lift the sales of income protection or some other product by 5% and make it happen.

Yes Yogi, many an unnecessary mouth sucking from the proverbial over-sucked NAB (or cba/amp/anz/etc) tit. Hence the targets, hence the pressure, hence the dodgy short-cuts to get to targets, hence the remediation programs, hence the reduction in planner numbers (start all over again...). The more things change, the more they stay the same.

I think all the managers you speak of Yogi just got into a room at the last conference and said, listen we are pushing it uphill with this compliance stuff, these human planners , we cant push them hard enough to make our targets, they break, they make mistakes , they have these things called morals, we need them out of the way to flog our products. So they go digital and get rid of the humans, good luck to them, I don't want advice from a robot computer programme that I cant sue if it all goes belly up, and neither do my clients , not the market I am chasing they can keep it and race to the bottom with the rest of the roboadvice providers.

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