MLC Wealth has announced its new licensee network for self-employed advisers and advice businesses as it simplifies its model by retiring the Garvan, Apogee and Meritum brands.
MLC says in a media release that the new business-to-business adviser and licensee community, TenFifty Financial Group network “…is a further step towards creating a simpler, more focused and sustainable financial advice business”.
It says it will offer a “…fresh approach to connecting advisers and business owners within the network with a view to delivering better outcomes for clients”.
The company says that in August 2019, following a review, it confirmed changes to its advice business, including bringing together employed advisers under the MLC Advice brand and creating a new combined community of advice businesses, previously aligned with Garvan, Apogee and Meritum, under a new brand.
(See MLC Wealth Distribution Shake-Up).
“Advisers within the TenFifty community will operate as authorised representatives of Australian Financial Services Licence holder, GWM Adviser Services Limited,” MLC says.
It notes that TenFifty will be led by General Manager, Brendan Johnson, who has been part of MLC for more than 18 years and is a strong advocate for professional financial advice.
MLC’s Acting Group Executive, Advice, Geoff Rogers, says the new licensee business offers advisers, businesses and their owners access to a new community built on the foundation of partnerships.
“When we announced our new strategic intent in 2019, we established a simpler operating model that would allow us to focus more on delivering for clients. This model included a new licensee business that could service a broad client base with different needs while offering unparalleled support for advisers,” Rogers said.
“These challenging times have shown the true value of relationships and the power of community, and the advice industry is enduring extraordinary change. By establishing opportunities to connect with like-minded peers to learn, share and collaborate through the TenFifty network we believe advisers will be even better placed to offer quality advice and set themselves up for success.”
The name TenFifty is derived from the translation of MLC in roman numbers, “…reflecting MLC’s strong heritage and expertise in advice and licensing”.
