NAB announces next generation business model for high net worth market

Share

Share

NAB today announced its next generation business model for the Australian high net worth market, which will see the private banking arm renamed – NAB Private.

Under the new model, NAB Private will become a pure private banking proposition for HNW clients, offering specialised services such as, structured finance. NAB Private will also connect clients to JBWere, its specialist private wealth advisory business, when clients are seeking quality advice.

More than 60 NAB Private employees will move across to the wealth management business, JBWere, which will provide specialised wealth creation and protection advice.

JBWere Chief Executive Officer, Justin Greiner, said: “The decision to adopt this new model followed extensive research from our high net worth clients and the clear message coming back was that they want deep expertise from their trusted private bankers and wealth advisers.’’

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

NAB Private executive general manager, Christine Yates, said: “The NAB proposition is very different to what is out there in the market, where we have seen some private banks relocating to the retail banking division.”

“HNW investors want specialisation. They want bankers who truly understand them.

“In Australia, most high net wealth, and certainly all of ultra-high net wealth customers have complexities around their roles as business owners and this is why NAB Private is positioned within NAB’s Business Bank, which serves professional services, c-suite executives, inherited wealth and entrepreneurs.  NAB is the biggest business bank in the country and JBWere is a private wealth business with a 175 year history.’’

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

“Post-GFC, its clear the high net worth market has changed, and so we are changing also.’’

Ms Yates said Australia was an emerging market with 450,000 high net worth individuals, who are broadly defined as people with >$1m of investable assets outside of their family home, however our research shows that many in this group don’t feel entitled to have a private banker. “There is a perception that you need multi-millions to be eligible,’’ she 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.’’

Announcements

SEE ALL TOPICS

Related Articles

  • Scams

NAB joins BioCatch Trust Australia to protect customers from scams and fraud

NAB has joined BioCatch Trust Australia as part of ongoing efforts to tackle the scam epidemic targeting Australians.

  • 20.11.2024
  • Time to read 2 min read
  • Full Year Results

NAB announces its 2024 Full Year Result

NAB and its customers continue to benefit from the focused execution of its strategy and a more stable operating environment, today announcing a sound Full Year result to the market.

  • 07.11.2024
  • Time to read 2 min read
  • Customers

Becoming Australia and NZ’s most customer-centric company

NAB has this week launched an evolution of its strategy, with CEO Andrew Irvine saying it’s time to raise the bar.

  • 24.10.2024
  • Time to read 1 min read

Quick links

National Australia Bank — NAB

Sometimes When The Unexpected Happens, We Realise What We Truly Value. Whether A Home, Farm, Business Or Your Passion, NAB Is Here To Support You.

Business Research and Insights

For more business news and analysis, visit NAB’s Business Research and Insights.