NAB goes all the way
NAB Financial Planning has adopted a pure fee-for-service approach for all new clients seeking personal investment and superannuation advice.
Clients will pay a fee that they have arranged with their adviser and will receive a rebate on trail commissions.
The new direction follows in the footsteps of another National Australia Bank-owned dealer group, Godfrey Pembroke, which transitioned to a fee-for-service model for new clients two years ago.
Previously, NAB Financial Planning offered customers a choice between fees and commissions, however, the 400-strong financial planning network’s general manager Geoff Rogers believes the time is right to make the transition to fee-for-service only.
“We believe it’s important that our customers clearly understand exactly what they are paying for financial advice as well as what they are paying for their investments and any administration costs,” he said.
The new remuneration model is expected to be fully rolled out by the end of the year.
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