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Former NAB execs launch ‘independent’ licensee

Former NAB Wealth executives Steve Tucker and Paul Heath have launched a non-aligned financial advice company they say will offer commission-free independent advice.

Koda Capital will fill the current “gap” in the market for independent, high-quality licensing services provided by “experienced professionals”, said Mr Tucker – a former CEO of MLC – and Mr Heath – a former CEO of JB Were – in a statement.

“As we considered the landscape of wealth advice, we saw a gap – that of an independent, high-quality firm, staffed by experienced professionals that serve clients in a manner completely free of the conflicts of interest which exist in many firms,” said Mr Tucker, who will serve as Koda chairman.

“We believe the wealth advice firm of the future is independent.”

The company will charge transparent fees with no commissions, Mr Tucker said, and will only service private clients.

Mr Heath said a key advantage of Koda is that it is not “aligned with or owned by a financial institution”.

Mr Tucker is also a non-executive director of listed investment company Westoz.