A new model which gives NAB financial planners the opportunity to run their own planning business has kick started, with seven current advisers transitioning to the new NAB Self Employed model.

Paul Fog, General Manager NAB Financial Planning said: “Twelve months ago we commenced working on plans to evolve our business model to meet the changing needs of our customers and to deliver a sustainable and competitive career model for our planning network.

“It is imperative that we build a strong career option not only for our advisers, but also for our customers, enabling them to continue the trusted relationship they have with their adviser,” Mr Fog said.

The NAB self-employed model will provide a succession pathway for current NAB FP advice providers, giving them the opportunity to become a principal practice owner and build an equity stake in a business.

“Effectively, they will face the new and exciting challenge of starting and running their own business.

“Many of our advisers’ already established relationships are with consumers who are small business owners. The new model can help grow the adviser-client relationship because the adviser may be facing the same challenges as a business owner that their client is facing.”

Seven advisers from the bank’s salaried business have signed up to the new model, with the aim to grow the channel to 15 advisers in year one, and 150 over five years.

There are plans to introduce the offer to the external market in the near future and the business is welcoming advisers wanting to have initial discussions.

“We will continue to invest and grow our already established NAB FP channel as we are aware many advisers will continue to prefer to focus on client relationships exclusively without the complexities associated with self-employment.

“These two models will ensure NAB’s commitment to providing quality financial advice to help our customers grow and protect their wealth continues.”