Another AXA practice joins MLC

Another AXA aligned practice has switched licensees to MLC, which has been actively looking to acquire former AXA practices following AXA’s merger with AMP.

Parramatta based Integra Financial Services announced it had parted ways with Charter Financial Planning to join MLC owned group Garvan Financial Planning as of 1 August.

The move comes after 14 years under Charter, with Integra having now met its 90 days notice of termination period requirement with AXA/AMP and officially transitioned to Garvan.

Integra managing director Deborah Kent told Money Management the move followed an approach to the practice by MLC, who she felt better suited the practice’s business model moving forward. In terms of payment, Kent said that there are a number of costs involved in switching licensees and that MLC had compensated the practice for those costs.

Integra took the opportunity to review the available offerings due to the Government’s proposed Future of Financial Advice (FOFA) reforms as well as the acquisition of AXA by AMP, Kent said.

“With the proposed changes under FOFA along with consumer education around fees, commissions and volume based bonuses, it was important to us to align our business with a licensee who fits our business model and will partner with us into the future, embracing industry change and assisting in building good advice businesses,” she said in a statement.

“We were very impressed by the increased range of services, products and resources that will not only benefit our valued clients but will also extend to our business partner network.”

Integra has three authorised representatives and describes itself as a boutique fee for service financial planning practice with funds under management of over $90 million.

Integra and its planners are authorised representatives of GWM Adviser Services Limited, trading as Garvan Financial Planning.