National Australia Bank creates new wealth team to help farmers - 30 May 2005
Monday, 30 May 2005
Farmers are increasingly seeking to supplement their earnings from agriculture with additional income from outside the farm gate, especially during this time of drought and continuing change in rural economies.
“This is a creating a significant shift in farm economics that creates yet another challenge for farmers to come to grips with,” said Mike Carroll, General Manager of Agribusiness at the National Australia Bank (NAB).
“This is one reason why we have created a new team of specialist agribusiness financial advisors at NAB.”
Mr Carroll said today: “The development of this team of specialist wealth managers is part of the bank’s recognition that farmers have a very different set of financial circumstances. Farmers’ businesses are usually tied up in the family property. That means decisions such as retirement affect several generations, so succession planning and investing are big issues.
“Particularly with the drought, more and more farm families are relying on off-farm income, including investments, and that also has an impact on retirement plans,” he said.
“There are also specialist investment products such as Farm Management Deposits (FMDs) which help farmers deal with the ups and downs of agriculture,” Mr Carroll said.
The bank already has wealth managers delivering tailored financial solutions to its clients. They offer a range of choices for wealth creation through managed funds and other investments, as well as wealth protection through insurance. They also provide superannuation advice and products.
Mr Carroll said the creation of this new team would see those skills teamed with the knowledge of, and affinity for, agriculture that make NAB’s Agribusiness Division such a success.
“Chris Fry has been appointed as the National Manager of the Agribusiness Wealth Planning team, and shortly we’ll be recruiting additional agribusiness planners.”
“Within the next six months there will be a dozen agribusiness financial planners across the country, and the team will continue to grow so that farmers and those involved in agriculture will have access to a local, specialist financial adviser.”
Chris Fry has an extensive history with the National Australia Bank, working in various roles in Armidale, Corowa, Wagga Wagga, and Deniliquin. He is now based in Melbourne.
Over the years, Chris has developed banking experience in dairy, sheep, cropping, rice, horticulture and aquaculture. Chris has a Masters of Applied Finance and a Bachelor of Agricultural Economics. He is a Fellow of the Australian Institute of Banking and Finance and a member of the Australian Agricultural Science Institute.
“I’m really looking forward to setting up this new team and seeing it grow,” Mr Fry said. “It’s another way that the NAB is different to the other major lenders in rural Australia, and I’m sure it’s a difference customers will recognise and respond to.”
“Issues like succession planning are touchy – sitting down with the family and talking about what happens when you’re no longer there isn’t easy,” he said. “Our new team will be able to help ease the way by providing understanding as well as advice, as they will all have experience with agriculture.”
About NAB Agribusiness
The National Australia Bank (NAB) employs more than 550 agribusiness banking specialists at over 110 regional locations Australia wide. The Agribusiness team at the NAB is a leader in providing agribusiness banking services to Australian rural businesses, agriculture, forestry and fishing industries. It serves customers across Australia ranging from small family farming enterprises to large multinational operations.
For further media information, please contact:
Guy McKanna
NAB Australia Corporate Affairs
Tel: (02) 9966 3532
Mob: 0402 893 843
* The information contained in this media release is for media advice purposes only. The contents are true and correct at time of publishing/issuing, however may change over time. For further information about NAB products or rates, please go to Interest Rates, Fees & Charges
