NAB Private Wealth has created a new services unit in a bid to grow its base of wealthy clients.
The new unit, called NAB Private Wealth Services, combines a number of existing activities including financial planning and investment services activities.
It also adds several new services, including philanthropy and private custody services.
"The retail model doesn't work well for the private wealth space," NAB Private Wealth head of strategy Tim Chilvers said.
"They won't buy off-the-shelf products - they need highly personalised, tailored delivery.
"The clients in this space are more sophisticated and that is why we are determined that our service offering reflects that."
In 2007, the number of high net worth individuals increased by 7 per cent in Australia, according to figures from Capgemini.
But these figures, from the most recent data available, largely exclude the effects of the global financial crisis.
Chilvers said these investors form an area of growth for NAB.
"We think we are growing in relevance for that segment," he said.
The heightened emphasis on tailored services should also help to attract more ultra high net worth individuals - a term that commonly refers to investors with more than US$50 million in wealth, excluding the value of their homes.
NAB has appointed Will Hamilton as general manager of the new services unit.
Hamilton comes from Westpac Private Bank, where he was head of premium wealth services and state manager for Victoria and South Australia.
The division's investment strategy, research and solutions function will be headed by chief investment officer Philip Kimball, who joined NAB Private Wealth from Citigroup in February.
