NAB has renamed its private banking arm as part of the launch of a new business model aimed at the emerging Australian high-net-worth (HNW) market.
The newly rebranded NAB Private will become a wholly private banking proposition for HNW clients and will offer specialised services such as structured finance.
NAB Private executive general manager Christine Yates said HNW investors want specialisation and bankers who truly understand them.
She said Australia is an emerging market with around 450,000 HNW individuals, many of whom do not feel entitled to have a private banker.
“There is a perception that you need multimillions to be eligible,” Ms Yates said.
“As an industry, we need to work on the education piece around what is available for high-net-worth Australians, and how they can best utilise resources from both a private banking and private wealth management perspective.”
To help these HNW Australians, NAB Private will also connect clients seeking financial advice to its specialist private wealth advisory business JBWere.
JBWere chief executive Justin Greiner said NAB’s adoption of its new business model follows extensive research with their own HNW clients.
He said clients want specialists who are focused on delivering the best banking solutions. They also want their wealth advisers to be experts in wealth.
“Our clients are telling us they want a seamless experience between their banker and wealth adviser, but no longer need a one-stop shop approach,” Mr Greiner said.