NAB Financial Planning (NAB FB) says it will slash its entry level financial planner jobs from 90 to 35.
However, 30 new roles will be created within the business and the number of senior financial planners will continue to grow.
Eligible financial planners in NAB FP will continue to be given the opportunity to transition to NAB’s dealer groups, the company said in a statement.
NAB FP general manager Tim Steele said the realignment of the business is part of the announcement of a $300 million investment into the wealth business in October 2015.
“The changes we’re making demonstrate our commitment to face-to-face advice and ensure we have a customer-focused business that’s positioned for growth,” Mr Steele said.
“Decisions that affect our people are always the most difficult to make, but we expect that these 30 new roles and other available roles across the wider NAB Group will be attractive to many of the affected advisers, and will present opportunities for career progression and development.
“We’re making these changes so that we can deliver better outcomes to more customers and position our advisers – and, through it, NAB FP – to succeed.”
AMP names incoming chief risk officer
Antares Equities hires new director
Former AFA CEO appointed to boutique board
Warning lights flashing on Aussie equities
What’s in store for the economy in 2018?
Busting common passive investing myths