Andrew Hagger

National Australia Bank CEO Andrew Thorburn has announced Andrew Hagger, Group Executive NAB Wealth, has been appointed as Chairman of JBWere.

Mr Thorburn said: “I am delighted to appoint Andrew to this role.”

“His expertise and counsel, including his deep knowledge of this business and the wealth sector, will serve the Board well.”

Andrew Hagger said he felt privileged to step into the JBWere Chairman’s role.

“JBWere has been helping to grow and protect the wealth of Australia and New Zealand’s most successful and innovative families, companies and for-purpose organisations for 175 years.

“I am looking forward to working with the Board and the high-calibre management team, led by CEO Justin Greiner, to continue to advance JBWere’s preeminent position as an innovator in financial services.

“We know there is real desire for expert wealth management advice amongst high net worth clients, but this market is largely underserviced.

“Our new high net worth wealth business model is designed to meet that need and forge a new way forward for private wealth advice.”

JBWere is 100% owned by the NAB Group and has recently embarked on a new Australian strategy of non-exclusive research and distribution arrangements, announcing in January a new strategic alliance with investment bank UBS, and, in April, a new strategic research and distribution alliance with investment bank, Moelis Australia. These alliances help JBWere continue to provide market leading insights, advice and exclusive investment opportunities to their clients.

Earlier this month, NAB announced its new business model for the high net worth market encompassing both JBWere and NAB Private (formally NAB Private Wealth). Under this new model, NAB Private is to become a pure private banking proposition for high net worth clients, offering specialised services such as, structured finance.

NAB Private will also connect clients to JBWere, its specialist private wealth advisory business, when clients are seeking quality advice. More than 60 NAB Private employees are moving to, JBWere, which will provide specialised wealth creation and protection advice.

Mr Hagger replaces former NAB Group Executive, Finance and Strategy, Craig Drummond. Mr Hagger’s appointment is effective 21 April 2016.

The post Andrew Hagger appointed Chairman of JBWere appeared first on AdviserVoice.

Andrew Thorburn

NAB yesterday welcomed the Federal Government’s response to the Murray Financial System Inquiry (FSI).

NAB Group Chief Executive Andrew Thorburn said: “We have been strong participants in the FSI process, which importantly aims to strengthen our financial system and make it more transparent and efficient for customers.”

Capital

“We have responded to a number of recommendations on capital adequacy requirements and have taken measures to prepare for this, including the completion of a $5.5 bn rights issue in May.”

Superannuation

“In relation to superannuation, we welcome the determination of the Federal Government to focus on the need for more competition and member choice.”

“NAB has a history of innovation in the superannuation industry including being one of the first super funds to introduce digital advice to our customers two years ago, and we’re committed to recommendations that provide a better customer service for our members.”

“We will work with the Productivity Commission to develop the best model for default superannuation arrangements, which will ultimately lead to better retirement outcomes and returns for consumers.”

Financial advice

“NAB has already strengthened the qualifications of our financial advisers. New NAB financial planners will need to hold a degree qualification and existing senior planners are required to hold a Certified Financial Planner designation or be working towards one. Our submission to the FSI supported a national exam for existing planners.”

The post NAB welcomes Federal Government’s response to the FSI appeared first on AdviserVoice.

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.

The post NAB Wealth appoints independent Customer Advocate appeared first on AdviserVoice.

The Board has appointed Andrew Thorburn as Group Chief Executive Officer and Managing Director, effective 1 August 2014, and he will be invited to join the NAB Board at this time. His appointment is subject to regulatory approvals.

Mr Clyne said leading more than 42,000 NAB employees and strengthening the culture and reputation of the organisation was the most rewarding role of his career. But he said the job had taken a personal toll and it was now time to retire from executive life.

“We have built a strong foundation for future growth with the revitalisation of the Personal Bank, grown our already strong position in business banking, and achieved material improvements in customer satisfaction and reputation. We have also worked methodically through our legacy issues while still making transformational change in our technology,” Mr Clyne said.

“I am leaving to spend some much-needed time with my young family. I am proud that I leave NAB as a strong, customer-focused bank.”

Mr Chaney paid tribute to the exceptional leadership of Cameron Clyne and said Cameron had advised the Board of his desire to retire from executive roles.

“Cameron took over as CEO during the global financial crisis and developed an effective strategy to steer the Bank through a challenging period during which it has undergone significant cultural and structural change,” Mr Chaney said.

“He is highly regarded throughout the Bank and externally, and we are sorry to see him leave at this time. Cameron has built strong leadership across the organisation, a stronger balance sheet, improved the Bank’s culture, enhanced its reputation and dealt with a number of legacy issues.”

“As a result of his efforts, NAB is well positioned for the future.”

Mr Chaney said he was pleased that the company’s succession planning processes had enabled the Board to choose someone from within the organisation who has the ability and the vision to take on the role of CEO of the Group.

He described Andrew Thorburn as an outstanding banking executive who has been part of the NAB Group Executive team that developed the Bank’s successful strategy focusing on building a stronger Australian and NZ franchise.

“Andrew Thorburn has done a superb job leading Bank of New Zealand (BNZ) since 2008 where he continued to build the bank’s performance, increasing cash earnings by more than 40 per cent, improving market share on the back of strong customer satisfaction and developing a strong leadership culture. As CEO of BNZ, Andrew has gained extensive experience in all of the component parts of running a full service commercial bank. BNZ has delivered consistently strong results, reflecting a focused and disciplined approach to implementation of the strategy. In the course of his time at the Bank, Andrew has also had responsibility for NAB’s Asian and US operations. As a member of the Group Executive team, his energy, vision and ability to motivate employees have been obvious as has his business acumen,” Mr Chaney said.

Before being appointed CEO of BNZ in 2008, Andrew was Executive General Manager, Retail Banking at NAB for three years. He is a career banker who has spent more than 27 years working in the industry in Australia and NZ.

A replacement for Andrew as Managing Director and CEO of BNZ will be announced in due course.

The post NAB announces retirement of Cameron Clyne appeared first on AdviserVoice.