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
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
Private market secondaries manager Coller Capital has unveiled a new education platform to improve advisers’ and investors’ understanding of secondaries.
