The bank has launched a recruitment campaign today and hopes to attract advisers with new service propositions and tools that simplify the advice process.
“The customer is at the centre of everything we do, which means providing our advisers with the tools, insights and efficiencies they need to meet changing consumer needs,” said NAB financial planning general manager, Paul Fog.
“We make a point of aligning adviser roles to match customer life stages, and giving them the resources and ongoing professional development they need to deliver greater value for customers.”
NAB said it has introduced new service propositions and strengthened its capability for advice offerings to customers as a way to support new advisers.
The bank has also developed tools that simplify the advice process so advisers “can spend less time on process and more time having conversations with customers”, NAB said in a statement.
“Our focus is on strengthening the business, and that means improving our customers’ experience through all touch points,” Mr Fog said.
“There is a real enthusiasm running through the business at the moment, highlighted by NAB Wealth’s half year results, which demonstrates our turnaround with cash earnings up to 28 per cent over the 12 months to March 2015.”
Johno, can you ellaborate on what “Very low new business expectations and only requirement sis that my fees exceed the CODB and turn a profit for the bank” means.
If the cost of doing business is $250,000, how much of a profit do you need to make?
The sooner we put the issue of vertical intergration behind us and correctly define ‘owned’ ‘ independent ‘ for the betterment of consumers we take away the argument and any percieved or otherwise influence ownership has on advice or on the products planners (ifa or bank) sell
I think that one of the main the reason we have had all the bad press, which mainly come from banks is that these banks continually keep promoting bank managers to FP managers. These bank managers then manage their planners the same way they manage their bankers and pressure their FP to sell and convert opportunities – they dont understand the FP process nor do they understand that FP have a different sales process
What you then have is a FP that wants to keep his job and is being pushed by his/her manager to sell. The end result is short cuts and inappropriate advice being given to clients
When the FP gets caught – the manager says ‘well at least we caught this crook and he is now out of here’ whilst the Planners career is finished, the manager will get a bonus.
Senior management in banks have a lot to answer to – when was the last time we had a FP manager being pushed out? its always the advisers fault
Johno – you are seriously delusional, no offence. If their model is so client friendly and pure, how come they lost 80% (yes 80%) of their best senior advisers and client support staff in the last 12 months. Johno no offence, you are very young and possibly new to NAB and you clearly don’t understand NAB Financial Planning business. I however, must take my hat off to you for your loyalty. Be warned however, if your regional wealth executive (or even worse your state manager) finds out that you have been posting your views here, NAB legal and your management will not be happy.
Matthew, No plans at this stage while we get to effectively have total autonomy to run our ‘business within the business’ here. But I wouldn’t rule it out. There are some great and rewarding challenges and benefits of being properly self employed. Not least of which is having ownership in significant asset we build via a loyal client base. Each to their own. I just get frustrated with the comments on here sometimes that suggest bank planners are second tier. I consider myself to be in top quartile of all planners based on numerous things and think great and poor planners can and do exist in the Ida and bank worlds. Each planner should be judged on their merits, not their dealer group.
Earnings up 28% so what is all this churn costs the industry money what a pile of bull ## have you ever seen an insurance company run at a loss.
22,000 advisers pay $600 a year to the afa and the fpa that is around $13 million dollars we pay them to do ummmm what is it they do Again ??? we should all resign from them like I have and use the money to set a class action against the FSC and the government if they try and legislate our earnings back to nothing or 3 years work for zip. Any wonder NAB is looking for advisers maybe salary is the way to go now we ant afford to run a business our selves, wake up boys we have little time to fix this,
Best interest duty May save the day if the lawyers get hold of government legislation proposals.
Johno, I’m curious.
Do you think you will move back to the IFA world one day?
Hasbeen, when did you last work for a bank?
Ever consider that things can change?
We have no FUM targets. No risk targets. Very low new business expectations and only requirement sis that my fees exceed the CODB and turn a profit for the bank, and in doing so, there is not a need to flog products anymore.
Sure, we all need to write new business, every business does, but the primary focus is on quality advice and service, NOT ‘selling’.
Johno, if it’s that great then u should have no issue filling all the current vacancies as ‘conversations’ is bank speak for more time to flog stuff sorry I mean meet customer needs cmon I once worked for a bank and no one gets paid unless u flog there stuff call spade a spade please
Fred S, it would seem what you here is wrong! As a Senior Financial Planner at NAB I can give advice from strategy only to direct shares, hybrid securities, investment property, SMSF’s, etc, etc. All forms of advice and all forms of investments, and also can utilise non-MLC products.
I still have good friends at the other big 3 and we are miles in front. MILES.
We were first to go to fee for advice (flat dollar only), first to go to no upfront risk comms, first to really focus on ongoing relationship sand advice, etc.
Having worked for IFA’s and also another bank and knowing people from all, NAB really gives me the autonomy to run my business as though I’m self employed, but with access to their resources.
I used to be an anti-bank planner kind of planner, but now things really are different and the direction of things here is great, with walk matching talk and a true client centric approach.
But yes, Mervin is correct also, we don’t get paid enough!
Not clear if they are growing adviser numbers (net) or replacing those that are fleeing vertical integration models as poorly managed as NAB
Not only do they need to pay them but they need to not micro manage them.
NAB needs to walk the walk not just talk the talk RE: BID and not force NAB products down their advisers and clients throats. From what I hear they are the most restrictive of all banks.
Yeah I am sure advisers are going to flock to the MLC after the MLC, Andrew Hagger, led campaign to reduce life insurance commissions. Our memories aren’t that short
Just hope that they realise that they now have to pay them. In the past they have not and everyone left.
Bankers can be a bit dense about paying financial advisers more than business bankers