NAB to cut ties with 55 advisers

In a statement, NAB FP said it will realign its business from 1 February 2017 to provide greater support to its advisers from both leaders and support staff.

As part of this, NAB will reduce its number of entry-level adviser roles from 90 to 35. It will also create 30 new roles within NAB FP to grow its “senior financial planner” ranks and support eligible advisers to transition to its self-employed franchise business. 

“Decisions that affect our people are always the most difficult to make, but we expect that these 30 new roles and other available roles across the wider NAB Group will be attractive to many of the affected advisers, and will present opportunities for career progression and development,” said NAB FP general manager Tim Steele.

“We’re making these changes so that we can deliver better outcomes to more customers and position our advisers – and, through [them], NAB FP – to succeed.”

Mr Steele added that the 30 new roles will include both adviser and customer support roles. 

“The proposed changes include a significant increase in support roles, delivering our practitioners greater support and, in turn, enhancing the customer experience,” Mr Steele said.

“We will also increase training opportunities to help advisers to deliver better outcomes for customers, particularly around more complex areas of advice.”

The news comes after NAB announced last year that it will invest $300 million into its wealth business. In September, the bank told ifa it was “absolutely committed” to its advice arm and investing in efficiencies.

“The changes we’re making demonstrate our commitment to face-to-face advice, and ensure we have a customer-focused business that’s positioned for growth,” Mr Steele said. 

“These changes will enable our business to build deeper local relationships with our customers.”