NAB joins the wrap revolution
National Australia Bank has rolled out the first stage of its wrap account, with the launch of its All in One Investment Service.
The new service will provide access to 40 managed investment options through a master trust and will provide daily unit pricing as a point of difference from its competitors.
National Australia Bank has rolled out the first stage of its wrap account, with the launch of its All in One Investment Service.
The new service will provide access to 40 managed investment options through a master trust and will provide daily unit pricing as a point of difference from its competitors.
National executive general manager, business and personal financial services Glenn Barnes says the All in One is part of the organisa-tion's move away from being a bank to becoming a financial services provider.
"We have developed this service after a lot of research to develop the first master trust that gives daily unit pricing and investment cycle reporting," he says.
The target audience for the new service is Australia's 1.5 million premium financial services customers. National defines a premium cus-tomer as one having more that $100,000-$150,000 of investments.
Fees for the new service will include National's nil entry free ap-proach, included on its superannuation products launched last year. There is also an entry fee option which has an exit fee structure built in.
Depending on which fee structure a client chooses, MERs range from 2.555 per cent for the nil entry fee option on investments under $100,000, to 1.3 per cent for investments above $1 million using the entry fee option. All MERs include a 0.30 per cent trail.
Barnes says the group hopes to be leader in master trust inflows within the next three years. The new service will be offered to ex-ternal advisers to sell as well as National internal financial plan-ning and banking sales teams.
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