MLC launches consulting service for ultra-HNW
MLC has launched a consulting service called Portfolio Solutions which will target ultra-high net worth (UNHW) retail investors and support advisers aligned with the bank.
The service, which will also be available to small institutional investors and non-for-profit organisations, will involve tailored asset allocation and comprehensive stress testing of financial outcomes.
Portfolio Solutions will be limited to individual and small institutional investors with more than $3 million in investable assets.
The new team will be headed by MLC investment strategist Michael Karagianis, who said much of the investment advice and products currently available in Australia cater for the accumulation phase of the wealth cycle.
"For many UNHW clients, however, wealth accumulation is not a priority; they have been able to generate wealth successfully from their own activities," Karagianis said.
"We find many UNHW clients are seeking solutions to ensure the real value of existing wealth is protected over time so it may generate enough income to keep pace with inflation and maintain their lifestyle into and through retirement."
The team has been established to help UNHW clients better construct their portfolios, he added.
Karagianis said the goal is to double the number of clients MLC provides tailored solutions to in 2013.
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
