NAB slashes junior advice roles

21-Nov-2016

By Sarah Kendell

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National Australia Bank (NAB) has announced it will cut 55 entry-level financial planning positions within its salaried advice business, NAB Financial Planning, reducing the business’s junior adviser footprint by more than half.

Speaking to financialobserver, NAB Financial Planning general manager Tim Steele said the decision had been taken so the group could even out junior and senior adviser numbers within its ranks, as well as reinvest funds into better training and support for its remaining staff.

“We continue to want to grow our advice footprint, but it’s the mix of advisers we want to get right – we were too heavily skewed towards less experienced advisers and given the mix of customers we are dealing with, we wanted to make sure we had the right balance of senior and entry-level staff,” Steele said.

“We are completely committed to growing our financial planner numbers overall – we think it’s an important part of our obligations to the industry."

He said the positions would be eliminated as of 1 February 2017, with just 35 associate financial planners - NAB's most junior adviser level - remaining out of a current workforce of 90.

Where possible, advisers would be transitioned to other roles within the bank or across NAB's aligned dealer groups.

NAB was also creating 20 new administrative support and client review roles as part of its drive to better service advisers, and bringing on 10 new financial planners at a more senior level within NAB Financial Planning.

The affected advisers would also be encouraged to apply for those positions, he said.

"We will be working with our banking partners and self-employed advice partnerships to identify where we will have suitable opportunities within those businesses, and we are providing them with coaching from specialists to support them through the transition," he said.

NAB Financial Planning's existing leadership team would also be realigned geographically as part of the changes to the business.

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