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
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
