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BNZ's wealth shakeup

BNZ's wealth team is undergoing more changes, this time right from the top.

Tuesday, August 27th 2019, 6:00AM

Donna Nicolof

Donna Nicolof, general manager of private bank and wealth advisory at BNZ, says she has decided the time is right to pursue new opportunities.

"To be the most awarded private bank in New Zealand and recognised as the best in the market for five consecutive years is quite an achievement and certainly not one that happens without the commitment and dedication of a wonderful team, from whom I get inspiration every day.

"It's been a privilege to lead this business and I'm so proud of the culture we have created, the impact we have had in market and the difference we have made to our valued clients and their families. Announcing this to our team yesterday has actually been quite emotional for me and I'm humbled by the response from people right across the business. As a leader, I've never really cared for recognition from above, I've always been motivated by doing what I believe is right, working hard and treating people with respect, so the response has been quite overwhelming. I guess we all hope we get it more right than wrong and listen to what we can do better next time."

It is also believed that staff have been told that the bank would move its team of wealth advisers over to JBWere, which is also part of the NAB group.

Sam Durbin, a spokesman for BNZ in New Zealand confirmed it was considering ways to align and integrate its JBWere and BNZ private bank services.

Durbin would not say how many advisers could be affected but said the number would be small.

“JBWere is part of the same group as BNZ and we’re always looking for synergies and ways we can work together across the whole group to provide a better experience and service for our clients,” Durbin said.

“We are presently working with a small number of our team on what this might look like so we can’t discuss or provide more detail and comment until that consultation has finished.”

In Australia, MLC Wealth has confirmed it will bring together employed advisers under the MLC brand, simplify their licences and exit self-employed franchise models as part of its separation from NAB Group, the parent of BNZ

Last year, BNZ restructured its wealth and private bank operations to split the division into two teams.

BNZ’s private bank and wealth offering has increased FUM to more than $5 billion.

Tags: BNZ JBWere MLC Wealth NAB

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