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NAB sets sights on financial planning

by Staff Reporter7 minute read
The Adviser

NAB could control more than 20 per cent of the financial planning sector if its bid for Axa Asia Pacific succeeds.

According to a report in The Australian, NAB and wealth management arm MLC already have relationships with 1,389 planners around Australia, or 8 per cent of the market.

If the major manages to successfully buy Axa and the Queensland-based PIS planning group, its market share could surge to 23 per cent leaving nearest rival AMP, who currently has 9 per cent market share, in its wake.

However AMP is also in the market to buy Axa.

Last year Axa signed an exclusive agreement with AMP that said the company could buy the whole of Axa APH. That agreement lasts until early February.

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