NAB Financial Planning will reduce its entry level adviser numbers by nearly two-thirds as part of realignment of its bank based advice business set to take place in February 2017.
In a statement released via its website, NAB said the realignment would result in entry level adviser roles decreasing from 90 to 35. At the same time 30 new roles would be created within NAB FP which was also looking to grow its Senior Financial Planner network.
NAB FP General Manager, Tim Steele said some of the affected advisers may be offered roles within other areas of NAB FP or supported in a move to the bank’s self-employed franchise advice 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,” Steele said.
The realignment follows an announcement in September that NAB had created a new Consumer & Wealth division and would invest $300 million into its Wealth business.
Under the changes, NAB FP will offer enhanced support to its financial advice practitioners from both their leaders and support staff, and the leadership team will be aligned geographically.
“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,” Steele said.
