MLC launches succession planning service
Bob Neill
MLC has moved to address the succession planning issue for its advisers by putting together a Succession and Acquisitions Services (SAS) team dedicated to guiding planners through the process.
Advisers will have a choice between two packages offered by the SAS team and will select the appropriate service based upon the degree of help they feel is necessary for them to deal with succession planning.
The first package is based around strategic design and offers advisers more high-level support. Specifically, the services offered include an initial in-depth analysis of the business, followed by the formulation of the most practical retirement and succession strategies available, along with the provision of a succession plan for the practice to follow to achieve the recommended strategy.
The second package is based on transaction management and includes all of the services available under the first package, but takes it one step further with the provision of assistance to actually implement the succession plan the SAS team has devised.
This implementation support involves identifying the right successor in the market and project management of the process, which includes addressing tax, legal and financial issues from start to finish.
MLC has appointed former HLB Mann Judd partner Bob Neill to lead the SAS team.
Neill noted the urgency of the succession issue, citing statistics that show one-third of MLC aligned financial planners faced retirement in the next five years.
“With the extensive range of options available to advisers in this situation, it is critical that they choose the right strategy for their business,” Neill said.
“MLC recognises that financial planners may not have the expertise in managing their succession journey. By working closely with them, we can help achieve not only good financial results but broader objectives as well, such as their desired client, staff and legacy outcomes,” he added.
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
