NAB restructure to link HNW clients to advice

NAB's high-net-worth (HNW) clients seeking financial advice will be connected to wealth managers JBWere, following a restructure of the major lender's private banking arm.

The move is part of NAB's new business model aimed at the Australian HNW market and will see its private banking arm renamed NAB Private.

More than 60 NAB Private employees will move across to JBWere, which will provide specialised wealth creation and protection advice, NAB said in a statement.

JBWere chief executive Justin Greiner said it supports NAB's adoption of a new business model following extensive research with its own HNW clients.

"We see this change as the next generation of wealth management for high-net-worth Australians," Mr Greiner said.

"Our clients are telling us they want a seamless experience between their banker and wealth adviser, but no longer need a one-stop-shop approach.

"They want specialists who are focused on delivering the best banking solutions and their wealth advisers to be an expert in wealth."

NAB Private executive general manager Christine Yates said Australia is an emerging market with around 450,000 HNW individuals, many of whom do not feel entitled to have a private banker.

"There is a perception that you need multi-millions to be eligible," Ms Yates said.

"As an industry, we need to work on the education piece around what is available for high-net-worth Australians, and how they can best utilise resources from both a private banking and private wealth management perspective."

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