NAB FP announces cuts to entry level planners
NAB Financial Planning has announced a reduction in the number of its entry-level financial adviser roles from 90 to 35.
The NAB wealth management group announced the change today, describing it as a difficult decision but seeking to place it in the context of a realignment of the business and enhanced support to its financial advice practitioners from their leaders and support.
The big banking group said NAB Financial Planning had announced a new leadership structure which would see the leadership team aligned geographically.
It said among the confirmed appointments were Iain Rogers as general manager, Channel Enablement; Paul Jarvis, national manager, Channel Enablement; Sandra Coso, manager of Channel Enablement; Stephen Bourne, general manager, Queensland, Simon Capp in an acting role as general manager, South Australia, Northern Territory and Western Australia GM and Ben Smith as head of business performances.
Commenting on the impact of the changes, the banking group said that while 55 entry-level positions would be impacted, it expected that many of those affected would secure new opportunities within the new structure, including the 30 new roles we have created within NAB Financial Planning. It said there would also be opportunities within the wider NAB Group.
The changes would not come into effect until 1 February 2017, and all staff would be supported throughout this process.
Commenting on the changes, NAB Financial Planning general manager, Tim Steele said they demonstrated the group's commitment to face-to-face advice and would ensure it had a customer-focused business that was positioned for growth.
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
