Nervous MLC advisers contemplate alternatives


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.
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.
Recommended for you
Having sold off its advice division for a loss, AMP has reported a 43 per cent reduction in statutory net profit after tax in FY24, with the business now focusing on becoming a retirement specialist.
Financial adviser numbers are up by more than 200 for the financial year, according to Wealth Data, driven by five weeks of back-to-back growth.
Rather than competing on fees, platforms are aiming to stand out by helping advisers achieve scale and efficiency in their practices, offering an even greater range of services to clients.
As financial advice continues to be a major target for M&A, intelliflo has encouraged practices to improve their processes and data management before prospective buyers come knocking.