NRMA commits to planning
One of Australia’s best loved brands is about to play its hand in a move to make a dent on the rapidly growing financial services market.
One of Australia’s best loved brands is about to play its hand in a move to make a dent on the rapidly growing financial services market.
The NRMA plans to more than double adviser numbers over the next two years to take advantage of its huge database, branch network and reputation with consumers.
The group hopes to boost branch-based adviser numbers from 40 at present to 100.
The group has also begun a major advertising campaign to highlight the good per-formance numbers coming from their managed funds.
Sales development manager at NRMA Financial Planning Mark Danckert says the major push into financial services is a natural extension of the group’s core business.
“Financial services have been identified as a an area that we want to, and can, de-velop. It is something that we see as fitting in with what we do and that is helping people,” he says.
He says the expansion will be focused on the eastern seaboard where the NRMA is most entrenched.
“We will first get that house in order and then we will look at the other opportunities available to us,” he says.
NRMA advisers will work off an authorised list of 14 different fund managers, in-cluding the NRMA. Among the financial products already offered by the NRMA are a cash management account, a direct equities service, home loans and life, and other, insurance.
Over the past year, the NRMA started growing its financial planning operation more rapidly, adding 15 more advisers to boost its numbers to 40. It also employs 10 para-planners.
Recommended for you
With Insignia Financial suffering a cyber attack on its Expand platform, this can potentially have a negative impact on the two private equity bids currently in play for the firm.
State Street Global Advisors has made an equity investment in Ethic, a platform helping financial advisers to produce bespoke portfolios, reflecting the greater client demand for customised portfolios.
WT Financial’s new entity with Merchant, Investco, has entered into a heads of agreement to merge three financial advice firms.
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
