MLC advice shake-up results in redundancies
Greg Miller
MLC has restructured reporting lines around its advice support team, leaving five senior staff redundant and three newly created positions up for grabs.
MLC Advice Solutions general manager Greg Miller confirmed the group had made five redundancies, though he would not comment on who or which departments were affected.
“We’ve mainly changed reporting lines around the support areas we use across the business that was in financial planning and third party.
“So with that we’ve just realigned different teams, all the same teams are still in place, we’ve just internally realigned the management around that so we can get greater focus on what we can achieve through supporting our aligned advisers.”
Miller said the restructure stemmed from the group’s parent NAB appointing Matt Lawler to head up its mortgage broking business earlier this year.
He also said the group’s state managers, practice development managers and other “frontline people” remained in place.
“It was just about our support teams we put together in some different combinations following the changes with NAB broker earlier in the year. And so we think we can better support advisers through that way with that re-changed management structure.”
While Miller was coy on details regarding the newly created positions, he expects all three will be filled internally.
“We’re working through that process at the moment in terms of new roles, and we’re just allocating responsibilities across existing management. We’re expecting that it will all be done through internal people.”
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
