National Australia Bank has announced its next generation business model for the Australian high net worth market.
The private banking arm will be renamed NAB Private, and become a dedicated wealth management unit, according to a press relese sent on Thursday.
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.
Next Generation
«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,» said Justin Greiner JBWere Chief Executive Officer.
In Australia, most high net worth, and certainly all of the 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.
Greiner added: «We see this change as the next generation of wealth management for high net worth Australians.» NAB is the biggest business bank in the country and JBWere is a private wealth business with a 175 year history.
