NAB targets workplace advice for merged dealers
NationalAustralia Financial PlanningBusiness (NAFPB) is to focus on providing workplace financial advice to clients following its incorporation ofMLCPrivate Client Services and AdvantEdge Financial Management and gaining its Australian Financial Services Licence (AFSL).
“It’s been an evolution to get to this stage but it’s clearly where we’re going to be focusing and our strategy is to provide advice aimed at the workplace,” says AdvantEdge Financial Planning general manager Peter Greenaway, who will now head up NAFPB.
NAFPB, the name for a number of combined advisory groups, was granted an AFSL from December 1, and now has a combined client base of 20,000 customers and $1.2 billion in funds under advice.
MLC Private Client Services and AdvantEdge wrote to clients in late November alerting them to the fact their planners will be transferring to the National Australia Bank, with both saying client feedback has been overwhelmingly positive.
While both groups already fall under the ultimate ownership of the National group, the businesses will now operate under NAFPB’s single AFSL.
National revealed its intention to consolidate these businesses back in November 2002, and with the Australian Securities and Investments Commission (ASIC) recently granting it a series of licences, it will now formally combine the groups.
Under the existing structure, AdvantEdge is an authorised representative of National Corporate Investment Services, while MLC Private Client Services operates under MLC’s dealer licence.
Greenaway says the response of clients to the letters, which were sent out on November 26, has been encouraging, however, as with most events involving change, there are “a few people who have opted not to transfer”.
The letters assured clients that the transfer will enable NAFPB to “deliver an integrated financial services model and provide more financial product advice to customers”.
“Apart from the change of company, we do not envisage that this transfer will have an effect on the existing arrangements you have with our business and your adviser,” the letter stipulates.
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