As you may be aware, various media outlets have recently reported that the businesses who form Godfrey Pembroke – including our own – are engaged in discussions with the National Australia Bank to de-merge or separate Godfrey Pembroke from the group.
We can confirm that our representative body is in the early stages of constructive discussions with the National Australia Bank aimed at achieving this outcome.
The core objective of this approach is to forge a new, independent path.
Unfortunately, due to the commercially sensitive nature of these discussions and need for confidentiality, we have not been in a position to advise you any sooner. However, given this recent media coverage we felt it important to engage with you to provide some clarity and insight as to why we believe this is in the best interest of our clients.
Godfrey Pembroke has a strong, and well documented history of pursuing the highest level of professionalism through pro-actively removing commission-based remuneration more than a decade ago and advocating higher education and qualification standards in advance of similar changes within the broader industry.
We have pursued these objectives in the strong belief that they best represent an alignment with the provision of consistent, professional, objective advice, that promotes our clients’ needs first.
In a rapidly changing environment, we are steadfast in the belief that control over the direction of Godfrey Pembroke will ensure this alignment is maintained, will enhance client experiences, and allow us to leverage our collective scale to provide the best possible outcomes for clients.
We believe that a de-merger from the National Australia Bank, that retains the group as a strategic partner at arm’s length, will meet this objective.
Importantly, this initiative will not have any material impact on the advice and/or services that we are providing to you and will allow us to continue to focus on providing quality, professional and appropriate advice to you – our valued clients.
If you have any queries in relation to this correspondence or would like any additional information, please feel free to contact us at any time on 03 8602 0900.
Samuel Adams Glen Orbell
Principal Adviser Principal Adviser