Competitor licensees circle MLC/IOOF advisers

Other financial planning licensees are circling IOOF and MLC-aligned financial advisers seeking to lure them into new arrangements in the wake of IOOF’s $1.4 billion acquisition move on MLC Wealth.

Almost first out of the blocks was publicly-listed CountPlus with its chief executive, Matthew Rowe, writing directly to MLC Wealth advisers and aligned financial planning businesses offering them a new home under the CountPlus and Count Financial licenses.

Money Management has been told that other publicly-listed licensees have made similar approaches to MLC Wealth advisers, particularly those operating businesses under the Godfrey Pembroke license.

The offers do not replicate the sign-on bonuses which were a part of the wealth management battles between the major banks nearly a decade ago, but Money Management understands that beneficial sign-on arrangements are on offer.

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In making his approach, CountPlus’s Rowe e-mailed a large cohort of MLC advisers pointing to the closure of some of the MLC and IOOF licenses and offering them a stable and conducive new home.

“In light of the announcement earlier this week about IOOF acquiring MLC, and their further announcement that they will be closing and combining a number of licenses, we want to assure you that we are a stable business with a strong balance sheet. We can provide certainty and support at a time when your current licensee is going through significant changes that could impact the level of service you receive,” Rowe’s message said.

“CountPlus is an ASX-listed professional network with a client-first culture, a deep understanding of the forces shaping the advice profession, and strong yet pragmatic governance protocols,” it said.

“Our approach to compliance is pragmatic, common-sense and designed to keep our advisers safe. We provide the guidance and tools needed to deliver quality advice to clients and believe it’s best to work closely with you to achieve positive client outcomes.”

As part of the CountPlus pitch to MLC advisers and those at IOOF, Rowe pointed to the successful manner in which CountPlus had bedded down its acquisition of Count Financial and to the group’s “owner-driver” commercial model.

The message went out to the advisers barely hours after IOOF had announced the MLC Wealth transaction to the Australian Securities Exchange (ASX) and before IOOF had managed to fully inform many of its advisers about its new licensing arrangements.

IOOF yesterday announced to the Australian Securities Exchange (ASX) that it had completed the institutional capital raising underpinning the MLC Wealth transaction raising approximately $734 million.