Nervous MLC advisers contemplate alternatives

14 July 2020

Nervousness around the speculated private equity ownership of MLC Limited has seen a number of aligned financial planning businesses open up discussions with rival licensees.

A number of dealer group heads have confirmed the receipt of overtures from planning businesses currently operating under the remaining MLC licenses, including Godfrey Pembroke.

MLC earlier this year announced a consolidation of its financial planning licenses with the retirement of the Apogee, Garvan and Meritum brands and the launch of a new license under the TenFifty Financial Group.

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Godfrey Pembroke is currently claiming 140 “financial advice specialists” across the business.

Recent reports have suggested that private equity giants such as KKR are vying for ownership of MLC but there have been question marks over their level of interest in the financial planning elements of the business.

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Not sure why they would bother to stay with MLC regardless of what is going on.

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