Speaking at the group’s Sydney Adviser Roadshow yesterday, NAB executive general manager for wealth advice John Flavell drew the audience’s attention to a new advertisement where “for the first time the MLC brand is with the NAB brand”.
NAB conducts research on an ongoing bases about the way consumers view wealth management brands, as well as “who they would be prepared to promote as a provider or wealth solutions”, he said.
The MLC brand came in third behind competitor brands, said Mr Flavell – but the difference between one and three was not “statistically significant”.
“What was interesting was what we found is number five brand people most promote the NAB brand as a wealth brand,” he said.
“That was surprising to us because we had never really promoted the NAB brand as a wealth brand,” said Mr Flavell.
With MLC 125 years old and NAB more than 150 years old, the decision has been made to combine the brands in the wealth space to “continue to promote both brands in a better way”, he said.
“I suppose an opportunity we will focus on with creating a stir in the marketplace is by letting people know on no uncertain terms that there is a gap in their retirement savings,” said Mr Flavell.
“We will position our brands to give advice to close that gap,” he said.
NAB is also very “bullish” on advice in general, said Mr Flavell – and the wealth division will be pointing to its recent results as it pushes for increased investment from the broader NAB group.
“In wealth [management] we’re very focused on delivering to our plan, and that puts us in a position whereby we can say to the group: 'There are wonderful growth opportunities out here, and if you give us the investment and the support we will execute',” he said.
“I’m very pleased to be part of the wealth industry and the wealth group and I’m very bullish about what we can do over this next period,” said Mr Flavell.
