Five FinWiz planners NABed
NATIONAL Australia Bank (NAB)-owned Garvan Financial Planning has attracted a five adviser strong business away from Commonwealth Bank-owned Financial Wisdom.
Newcastle-based Investment Managers made the move after it purchased a Garvan business, and decided to bring all of its planners under the Garvan brand.
NAB’s advice arm, MLC, said the principle of Investment Managers, Shane Rose, decided to move because Garvan could better support his growth plans and expand his business.
MLC recently made significant changes to its dealer arrangements. Previously, the group offered a licensee split system structure across the Godfrey Pembroke, Apogee Financial Planning, Garvan Financial Planning, and MLC Financial Planning networks.
Under the new offer, contracts with self-employed advisers come in three tailored service package options at three different costs — namely the Licensee Services, Extended Research and Risk Specialist offers. A range of additional services are offered on a user-pays basis.
Greg Miller, general manager MLC Licensees, said advisers choosing one of the new service options would “generally be paying a little less” than under the licensee split system.
However, some advisers may pay more depending on what combination of option they choose, he said.
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