NAB commits to face-to-face advice investment
National Australia Bank (NAB) has committed to continuing to invest in face-to-face advice at the same time as moving further into the digital arena.
The commitment has come via NAB's chief customer officer, consumer banking and wealth management, Andrew Hagger, who at the same time as announcing a series of digital innovations on the part of the business, said it was "committed to face-to-face financial advice, and we will invest further to grow this business".
Addressing the American Chamber of Commerce, Hagger said the bank was investing in digital because it was opening new doors and making it economically viable for NAB to provide help, guidance, and advice to customers who would not normally want to, or have the means to seek face-to-face advice.
However he said that while the bank was investing in digital, it recognised that face-to-face advice remained vital to millions of Australians.
"Face-to-face advice should be there for customers when they need someone to turn to," Hagger said.
"So, we will invest in our advice business — this will involve improving our systems so that customers can get more efficient service from their advisers."
He said the business would also invest in its people, platforms, products and processes, so it could better support advisers to do their jobs.
"For example, we're increasing our state-based adviser support team to 150 people to provide better local on-the-ground support to advisers across the country. We've also added 50 funds to the MLC Wrap and Navigator platforms recently to help advisers better serve their customers."
Hagger said the business was also investing in technology to reduce adviser administrative and compliance workload, so advisers could spend more time with customers.
Recommended for you
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
Betashares has named the top Australian suburbs with the highest spare cash flow, shining a light on where financial advisers could eye out potential clients.
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
