MLC financial advisers earn more on average than other non-salaried financial planners, according to a study released last week.
The study found that advisers operating under the MLC-owned Godfrey Pembroke dealer group ranked the highest in the “average remuneration per adviser” category, earning almost 25% more than the industry median.
Advisers working in other MLC dealer firms, Garvan/MLC Financial Planning and Apogee Financial Planning, were ranked second, earning almost 21% more than the average.
Richard Nunn, MLC and NAB Wealth Executive General Manager of Advice and Marketing, attributed the ranking to the transition to a fee for advice model, which was undertaken by the group more than five years ago.
… moving to a fee for advice model is not only the right thing to do by the client, it is also better for an adviser’s business
“We have always maintained that moving to a fee for advice model is not only the right thing to do by the client, it is also better for an adviser’s business. The latest data from Comparator reinforces this,” Mr Nunn said.
“We took the industry lead more than five years ago to start helping our advisers transition to fee for advice and our advisers are now reaping the rewards. This latest study emphasises that non-conflicted business models are more profitable.”
The Comparator data is released annually and compares various aspects of Financial Planning Licensees including their economics, productivity and efficiency.
