MLC gears up for $200m spend
MLC has dedicated 150 of its staff to formulate the design of a project to utilise the $200 million committed to the group’s wealth management operations by National Australia Bank chief executive Frank Cicutto earlier this year.
The project, to be known as Amazon, will run over 12 weeks in an attempt to pinpoint the strategy to utilise the funds to achieve MLC’s stated aim of ‘enhancing the adviser experience’ within a three year time frame.
According to MLC distribution and wealth management chief executive Steve Tucker, the Amazon project will concentrate on improving the functionality of MLC’s adviser platform.
“The National is committing the funds to grow its service vision and the organisation is behind us in delivering integrated financial solutions,” he says.
Tucker says while MLC does currently have the systems capability to help planners deliver a better service offering to their clients, it is not integrated in a way that will assist advisers to provide holistic advice.
“We currently have the capability but not the complete integration, and we’ve got to have a system that can do that,” he says.
While Tucker says the Amazon project is focussed on delivering more functionality to its adviser platforms, he says the group’s aim is also to develop a more service-orientated culture.
Cicutto revealed the National’s commitment to reinvest $200 million into its Australian wealth management business as part of his ‘Positioning for Growth’ announcement in April.
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
