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National Australia Bank has reinforced its commitment to the broker channel and said it has no intention of turning brokers into financial planners.
Speaking with Challenger Mortgage management’s chief executive Drew Hall on Friday, NAB Broker’s executive general manager Matt Lawler reassured brokers that commissions would not be replaced by a fee for service structure.
He said that while there are a lot of parallels between the two industries “we won't see brokers become financial planners."
“The thing for us to look at is how does the business model for mortgage brokers evolve and how can we learn from other industries,” Mr Lawler said.
He said that commissions “definitely” would continue as long as they were transparent.
“We don’t make these changes every couple of years. They are a once in a cycle change and we have no intentions of changing that,” Mr Lawler said.
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