NAB outlines proposed client model
The National Australia Bank's (NAB's) proposed customer service model will be "beneficial" to most of its financial planners, according to MLC advice and marketing executive general manager Richard Nunn.
Responding to concerns raised by the Finance Sector Union (FSU) last week, Nunn said the new model would mean clients who do not currently have an active advice relationship with their NAB planner - or who have less complex advice needs - were serviced by phone-based advisers.
This will allow NAB planners to focus on clients with more complex needs, or who are seeking a full-service advice relationship, Nunn said.
"We have also been through an extensive consultation process with our advisers to work through how we align our business model to the new customer approach," he said.
This process resulted in some good feedback which helped to influence the new model, he added.
"While the changes to our business model may result in change to some advisers' revenue levels, [for] the majority of our advisers who are proactive and have strong customer relationships, this will be beneficial," he said.
"We also implemented a long transition period to allow advisers time to adjust to the new model."
According to Nunn, the new scaled model means the cost to customers better reflects the type of advice and services they require.
The FSU flagged potential loss of revenue, damage to established businesses and data error issues including inaccurate lists of customers as concerns raised by its members in relation to the new model.
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
