MLC to woo planners with sweeteners
The National Australia Bank’s financial planning arm, MLC Advice Solutions, today dangled a series of carrots in front of independent advisers that it hopes will lure them and their businesses into the MLC fold.
As part of what it is hailing as its ‘adviser growth strategy’, MLC is offering advisers transition packages in a bid to attract new financial planners to its aligned self employed adviser networks, including Garvan Financial Planning, Apogee Financial Planning, MLC Financial Planning and Godfrey Pembroke.
“The transition package is targeted at advisers who are either on, or are considering embarking on, a growth agenda and want to partner with a focused and well resourced organisation,” said MLC executive adviser growth and development Wayne Handley.
Handley said the packages have also been made available to existing businesses within the MLC network that plan to embark on acquisition strategies.
Sweeteners contained in the package, which will be funded by the MLC-linked licensee that advisers chose to join, include giving advisers access to marketing and advertising campaigns, client seminars, access to external business consultants who can identify growth opportunities, and education programs including industry and external business courses.
“Advisers are currently being offered a range of financial incentives to align with different dealer groups. MLC’s proposition is not to entice advisers with short term monetary incentives, but rather to offer a long term commitment to sustainable business growth and maintaining the attributes of a quality advice practice,” Handley said.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
