MLC Wealth confirms advice business changes

MLC Wealth has confirmed changes to its advice business as part of the firm’s separation from NAB Group.

Today's changes include bringing together employed advisers under the MLC Advice brand, simplifying advice licenses, consolidating advice brands and exiting self-employed franchise models.

The firm previously announced in March that it would develop a new business model under four pillars; advice, retirement and investment solutions, and platforms and asset management.

Today's changes include bringing together employed advisers under the MLC Advice brand, simplifying advice licenses, consolidating advice brands and exiting self-employed franchise models.

Chief executive Geoff Lloyd said: “We are undertaking an ambitious multi-year transformation, to ensure each business unit is individually strong – and collectively stronger under MLC Wealth".

“Today we’re taking foundation steps for the advice business. We are determined to lead and support the industry in driving a new era of professionalism and transparency that drives better outcomes for clients,” he said.

The changes will take place over the next few months.

Actions from the MLC Wealth advice review include:

• Bringing together employed advisers under the MLC Advice brand:
-- more focussed and segmented offers
-- new professional offices in fewer locations
-- new advice experience centres 

• Simplifying advice licenses, going forward with two, down from five 

• Consolidating advice business brands:
-- Godfrey Pembroke, focused on high net worth clients
-- A new combined group of advice businesses previously aligned with Garvan, Apogee and Meritum brands

• Exiting self-employed franchise models – MLC Advice Stores and NAB FP self employed

• Introducing a simpler pricing model between MLC and advice business owners, which provides more optionality through a ‘core’ plus ‘specialist’ service model, while better reflecting the cost of sustainable licensing services

• Boosting investment in education to deliver higher levels professionalism and compliance, including peer networks and coaching programs

• Creating one advice support team to serve employed advisers and advice businesses, delivering a stronger client focus with improved consistency and efficiency