(26 May 2006 – Australia) National Australia Bank has extended its private banking service to include clients with an annual income of more than A$350,000.Badged the National Portfolio Facility, the service is aimed at high net worth individuals wishing to release equity from their properties to put into wealth creation opportunities.
“Traditionally the impetus for many customers has been to pay off home loans before they think about wealth creation,” NAB executive general manager of Retail, Andrew Thorburn, said.
“But this means that many customers will be into the 45 to 60 age group before they are able to think about wealth creation strategies such as making longer term investments in equities, managed funds or investment properties,” he said.
NAB executive general manager of Business and Private Banking, George Frazis, said there was a significant market of people aged 30 to 55 who would use the bank’s new offering to “better leverage their cashflow and equity by investing to grow their wealth faster.”
“It is typically for customers with complex financial needs and equity in their homes that they want to unlock now to grow their wealth earlier, giving them a head start with, for example, an equity-based investment plan which can create additional income streams that can pay off their debt,” Frazis said.