The big four bank has this week unveiled a scholarship program and academic research funding to support the future of the financial planning industry.
The ‘NAB Future Planners Scholarship’ was launched by NAB Financial Planning (NAB FP) along with four partner universities to “promote financial planning as a career path, increase diversity and support professionalism”.
The scholarship offers 10 $5,000 scholarships for financial assistance towards studies in financial planning, an invitation to the NAB FP Professional Development day and a mentorship with a senior NAB financial planner.
Speaking to The Adviser, Finance Made Easy director Tony Bice emphasised the benefit of being both a mortgage broker and a financial planner.
“With me you're getting the whole gamut and suite of product offerings and advice, so in other words I can take whatever a typical mortgage broker can do and I can take it to the next level,” he explained.
“It also adds to the value of your book... if I'm buying a mortgage book and I'm buying a mortgage book that's also got a financial planning book attached to it, I know which one has got the more value.
“As a mortgage broker that's also a financial planner, I also specialise in reviewing clients’ superannuation which is another benefit I bring to the table, and generally speaking I can save them money through minimising or reducing the fees they're being charged through their current super.”
In addition to the scholarships, NAB FP will also contribute $10,000 towards academic research in the industry, which will focus on the customer experience and understanding more about barriers to seeking advice.
NAB FP general manager Tim Steele commented: “Financial advice contributes to the financial security and wellbeing of millions of Australians, and there are many more in the community who could benefit from the help of a planner.
“By championing research in collaboration with our academic partners, we also hope the insights will be used to improve the work the industry does as a whole, and to help more Australians to access advice.”
The scholarship recipients will be announced in May.
[Related: Financial advisers join forces with brokers]