The international award recognises NAB Private Wealth’s commitment to excellence in private banking and their expertise in servicing high-net worth client needs across a suite of specialised wealth management services.

NAB Private Wealth Executive Michael Saadie said the award’s focus on excellence in client service reflected the same emphasis NAB Private Wealth gives to all aspects of a client’s experience, whether through the private banking within NAB Private Wealth, the specialised investment advice provided through JBWere and our investment specialists, or the unique capabilities of self-directed investment platform nabtrade.

“Our client-first approach is not just a guiding principle but a differentiator that drives everything we do,” Mr Saadie said. This award is pleasing recognition of our commitment, and we are proud of the leading services and investment opportunities we’ve developed as part of NAB Private Wealth’s unique client proposition”.

“We have a 1000+ strong team of professionals with a strong client service mindset across wealth advisory, private banking and investment services. I believe our commitment to putting our client’s needs at the heart of everything we do every day is how NAB Private Wealth is now recognised as Australia’s most awarded private bank.”

In announcing the award, Global Finance spoke about the qualities that distinguished NAB Private Wealth from its peers: “The winners are not always the biggest institutions, but rather the best – those that individuals rate highly when choosing a provider,” said Joseph Giarraputo, founder of Global Finance. “Excellence in private banking goes beyond financial acumen; it combines a nuanced understanding of clients’ unique aspirations with insightful economic knowledge.”

NAB Private Wealth will officially be awarded alongside other global private bank winners at a ceremony in New York in March 2025.

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Executive General Manager NAB Wealth Advice, Greg Miller, said Mr McCormack left NAB in September 2013 after concerns around misconduct were raised.

“Advisers must follow all processes and procedures at all times to make sure they are doing the right thing by our customers, but this wasn’t the case for Mr McCormack,” Mr Miller said.

“We want to strengthen our business and ensure we are always open, transparent and take issues impacting customers seriously.”

In February 2014, NAB announced a series of steps we are taking to restore customer trust and confidence in the financial planning industry and our advice businesses. Further information about NAB’s Customer Response Initiative is available here.

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Charles brings with him 25 years of experience within the wealth management industry, having held senior roles with ING DIRECT and ANZ Wealth.

NAB Wealth Advice Partnerships General Manager Ross Barnwell said it was vital for the business to continue to grow its adviser network, and give more Australians the opportunity to seek quality financial advice.

“The advice landscape is changing and we need to ensure we continue to deliver a valued and enduring experience for both advisers and consumers.

“We aim to be the licensee partner of choice based on our ability to support our businesses through better technology, practical customer insights, and a culture of innovation, and I have no doubt Charles will play an integral role in the evolution of our business.”

Speaking of his appointment Charles said: “I’ve been in the wealth management business for close to 25 years, and I am passionate about creating a network that provides high quality, trusted financial advice to Australians.”

NAB Wealth Advice Partnerships operates five aligned licensee businesses – Apogee, Meritum, MLC Financial Planning, Garvan and Godfrey Pembroke – and includes over 600 self-employed advice businesses, with over 1,100 advisers.

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Andrew Hagger

NAB Wealth yesterday announced that it has started proactively writing to customers as part of its Customer Response Initiative.

NAB Wealth Group Executive, Andrew Hagger, said yesterday’s update confirms NAB’s August update that we would start writing to customers in October, where there may have been financial loss caused by inappropriate advice.

“We’re committed to helping restore customer trust and confidence in the financial planning industry. As part of this, we’re taking a detailed look at our advice business, acknowledging that we may have made mistakes. Where we identify these, we’ll try to make things right.

“In August, we said we would begin writing to customers starting in October who may have received inappropriate advice dating back to 2009. We have now started this process.

“It’s important for our customers that we undertake this review in a thorough manner – and we will. Where customers have suffered loss due to inappropriate advice, we will compensate them for that loss,” Mr Hagger said.

NAB will be writing to customers through a staged process as it continues its review of advice files. Each customer will have a dedicated associate who will be able to answer questions about the review process.
Further, Professor Dimity Kingsford Smith will continue her role as an independent Customer Advocate in the implementation of the initiative, to ensure that the interests of customers remain at the centre of the review.

Since February, NAB has made $1.7 million in payments to 87 customers after resolving their claims for compensation. NAB is also continuing to respond to new complaints within 45 days as it has committed to.

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Gemma Dale

Latest research from nabtrade and the SMSF Association shows that self-managed super fund trustees have high expectations of achieving self-sufficiency in retirement.

According to the Intimate with Self Managed Superannuation Report, to be released in full later this month, nearly twice as many SMSF trustees are confident they will achieve their desired income in retirement, despite having expectations nearly 20% higher than non-SMSF trustees.

The research, prepared for nabtrade and the SMSF Association (formerly SPAA) by Core Data, shows that nearly 70% of SMSF trustees are confident they will achieve their desired income of $95,500pa in retirement.

This contrasts with non-SMSF trustees, of whom only 35% are confident they will achieve their desired income of $80,000pa.

NAB Head of SMSF Solutions, Gemma Dale, said SMSF trustees taking an active role in managing their savings helps to ensure their continued confidence in how their retirement is shaping up.

“As we’ve seen over the last decade, SMSFs are not a flash in the pan. SMSF trustees are motivated to take control of their retirement savings, and are making well informed investment choices to ensure they achieve the income they want in retirement,” Ms Dale said.

“As these preliminary findings show, SMSF trustees continue to show a preference for direct investment and are looking for prudent ways to manage risk in uncertain times.

“While Australian shares and cash continue to dominate portfolios, low interest rates are driving interest in asset classes outside of cash, such as fixed interest and international shares.”

SMF Association CEO Andrea Slattery said another interesting findings to come out of the report was the focus on risk by those trustees who understand their SMSF investment strategy.

“The most commonly cited factors in developing the strategy are the overall risk of the portfolio (65.8 per cent), diversification of the fund’s investments (63.4 per cent) and the risk of the fund’s investments (61.6 per cent),” Ms Slattery said.

“The prevailing attitude of de-risking is evident among trustees who allocate at least 10 per cent of their SMSF to cash, the asset class that is universally perceived as less risky.”

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NAB Wealth Advice Partnerships General Manager Ross Barnwell explained that the newly created role will focus on further improving NAB’s understanding of customer needs and attitudes towards financial advice

“The shape of the advice industry is changing. Advice is more than ever driven by customers, whose needs are evolving. Customers are deciding how and when they choose to engage with financial service providers,” Mr Barnwell said.

“We’re evolving our business to meet these changing needs by placing the customer at the centre of everything we do. We’re focused on strengthening our business, committed to meeting the customer’s expectations and improving their experience, and supporting advisers in providing greater value to their clients.

“This new role is important because it positions us for future success. The role will look to deal with the changing environment to ensure we deliver industry leading consumer insights and engagement, coupled with flawless execution.

“James has played a significant role in shaping the success of Advice Partnerships at NAB and his extensive experience in wealth, particularly around advice businesses, places him well to embark on this new challenge.”

Speaking of his appointment, Mr Meade said: “This is a great opportunity for us, as a business and an industry, to deliver not only a great customer experience, but also, to assist advisers in growing the value of their business.

“I’m committed to developing better ways to support our network and deliver an enhanced advice experience, which will ultimately benefit our consumers.”

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Brendan Johnson

NAB Wealth has confirmed Brendan Johnson as the new General Manager of Apogee Financial Planning.

Mr Johnson brings 17 years of experience across financial planning, practice management and compliance fields. Since joining MLC in 2002, Mr Johnson has held a number of senior roles, including State Manager for MLC’s Licensee Businesses and National Manager for the MLC Risk Specialist Network.

NAB Wealth General Manager Advice Partnerships Ross Barnwell said: “We are delighted to have someone of Brendan’s experience on board to lead Apogee. A strong leader and passionate advice advocate, Brendan’s experience and knowledge will assist him in supporting the advice business to grow and evolve while continuing to deliver high quality financial advice.

“Apogee Financial Planning licenses over a hundred businesses across Australia that provide either integrated financial services solutions, or specialist financial planning services, to both individuals and business owners. I am confident that Brendan, along with wider Apogee team, will lead Apogee to new levels of success.

Speaking of his appointment, Mr Johnson said: “I am excited to be leading a network of advice businesses with a proud history of providing high quality financial advice. My family have benefited from having an Apogee Financial Planner provide us with advice and guidance for many years, and I look forward to helping the advice businesses in Apogee increase the reach of quality advice to more people, and being an advocate for professional advice.”

Mr Johnson will commence in the role on 1 July.

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Greg has been acting in this role since the beginning of the year.

NAB Wealth Group Executive and CEO of MLC Andrew Hagger said: “Greg joined MLC more than 30 years ago and is well respected both within NAB and across the advice industry.

“His extensive knowledge of our business and the industry means he is best placed to deliver for our customers and advisers.

“We are part of a constantly evolving industry. Advice needs are changing and we need to continue to strengthen our business to ensure more Australians are receiving the financial advice they need to protect and grow their wealth.”

Speaking on his appointment, Executive General Manager Wealth Advice Greg Miller said: “I am passionate about financial advice and helping customers secure their financial future through support, guidance and advice.

“I am excited to lead a strong business that is well placed to support the ongoing financial needs of Australians.”

Greg has previously held a number of leadership positions at NAB Wealth, including leading MLC’s self-employed licensees and more recently the formation of MLC Direct in 2011.

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The Customer Advocate role has been established following NAB Wealth’s commitment to improve and build independence into its advice complaints process.

The Customer Advocate will have the authority to support customers through the resolution of a complaint. If there is a disagreement as to a complaint outcome, the Customer Advocate can escalate the concern to the lead independent director of the NAB Wealth Boards, who also sits on the NAB Principal Board.

NAB Chief Executive Officer Andrew Thorburn said: “The Customer Advocate is an independent voice for NAB Wealth customers.

“The Customer Advocate role has been designed to challenge us in a meaningful way, to hold us to account, and to support our customers through the resolution of complaints in our financial advice complaints process.

“NAB wants the best outcomes for our customers. We want to strengthen our business and ensure we are always open, transparent and take issues impacting customers seriously. This is a very important step in designing a robust complaints and review process so that we get this right for our customers the first time,” he said.

Prof Kingsford Smith said: “I am looking forward to a role where I am able to bring an independent voice to the fair and prompt resolution of disputes between NAB Wealth and its customers. As well as leading decision-making about specific claims, the independent Customer Advocate will establish general principles for the resolution of claims in future.

“I am encouraged by the discussions I have had with leaders at NAB that the bank is determined to do the right thing by its customers now and in the future. My primary work is as an independent university researcher, teacher and public commentator on the law and policy of Australian financial consumers. The NAB accepts that I will continue that work. I consider that is an additional guarantee of the independence of the Customer Advocate’s office and the determination of the NAB to treat its customers fairly.”

The role and scope has been verified by independent third party and specialist in governance and role independence activities Cameron Ralph.

The review led by Cameron Ralph was to ensure no conflicts of interest affected the construction and design of the role, and to ensure that the customer’s perspective is central in establishing the effectiveness and independence of the role.

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Andrew Hagger

NAB Wealth will refund customers after it discovered during a review that some of its Navigator platform customers had incorrectly been compensated after an investment income error.

NAB Wealth discovered the original problem and compensated customers in December 2012. It self-reported the error to ASIC and has kept ASIC informed as it carried out an independent review of the investment income error by PricewaterhouseCoopers (PwC).

The review identified a small amount of additional compensation required. All affected customers are expected to be refunded this additional compensation as soon as possible.

As a result of the review, NAB Wealth is enhancing the operating effectiveness of the Navigator platform to prevent future errors in the allocation of investment income to customers.

Alongside the Navigator platform review, NAB Wealth is also taking the opportunity to review its breach detection, reporting and escalation processes and procedures.

The reviews do not in any way relate to the quality of NAB Wealth’s advice to its customers.

NAB Wealth Group Executive Andrew Hagger said the business would compensate customers where inadequacies in its investment income allocation processes and procedures had resulted in incorrect compensation.

“We will take every step to ensure that our customers are compensated and as soon as possible,” Mr Hagger said.

“We recognise our business needs to be transparent and accountable which is why we have proactively engaged ASIC on the issues we are addressing and why we are advising affected customers of any compensation.

“We have worked very closely and constructively with ASIC and have already implemented a range of measures to prevent future errors.

“These issues are largely around processes, systems and controls. We know there are improvements that need to be made and we have already started to make the necessary changes. We are working with PwC to provide an independent view on these changes to ensure best practice solutions are being implemented.

“Our focus is always on providing the best outcome for our customers and we will work proactively to improve our processes, systems and controls to do so,” he said.

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