{"id":45985,"date":"2019-08-16T09:17:16","date_gmt":"2019-08-15T23:17:16","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=45985"},"modified":"2019-08-21T04:40:29","modified_gmt":"2019-08-20T18:40:29","slug":"mlc-wealth-distribution-shake-up","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2019\/08\/16\/mlc-wealth-distribution-shake-up\/","title":{"rendered":"MLC Wealth Distribution Shake-up"},"content":{"rendered":"

MLC Wealth has announced changes to create a simpler, more focused and sustainable advice business, including exiting self-employed franchise models and consolidating its advice business brands, following an extensive and consultative review.<\/span><\/p>\n

<\/p>\n

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MLC Wealth CEO, Geoff Lloyd …distribution shake-up ahead of separation from NAB<\/figcaption><\/figure>\n

Chief Executive, Geoff Lloyd<\/strong>, says the changes were part of ongoing work to modernise and strengthen MLC Wealth ahead of its separation from NAB Group.<\/span><\/p>\n

Lloyd said there would continue to be a strong need for quality advice, both for individual clients and to support a strong economy, as the influence of the national retirement savings pool grows.<\/span><\/p>\n

\u201cWe believe in the financial and wellbeing benefits professional advice can bring to people\u2019s lives and there will be ongoing demand with record household wealth and an ageing population \u2013 and more than $3 trillion to be transferred between generations of Australian families over the next two decades,\u201d he said.<\/span><\/p>\n

\u201cTo meet client needs, advice organisations of the future will have sophisticated segmentation and a commitment to deliver great experiences to more defined client markets,\u201d added Lloyd.
\n<\/span><\/p>\n

Actions from the MLC Wealth advice review will take place over the coming months and include:<\/span><\/p>\n

    \n
  • Bringing together employed advisers under the MLC Advice brand:<\/span>\n
      \n
    • more focussed and segmented offers<\/span><\/li>\n
    • new professional offices in fewer locations<\/span><\/li>\n
    • new advice experience centres <\/span><\/li>\n<\/ul>\n<\/li>\n
    • Simplifying Advice licenses, going forward with two, down from five <\/span><\/li>\n
    • Consolidating advice business brands:<\/span>\n
        \n
      • Godfrey Pembroke, focused on high net worth clients<\/span><\/li>\n
      • A new combined group of advice businesses previously aligned with Garvan, Apogee and Meritum brands<\/span><\/li>\n<\/ul>\n<\/li>\n
      • Exiting self-employed franchise models \u2013 MLC Advice Stores and NAB FP self employed<\/span><\/li>\n
      • Introducing a simpler pricing model between MLC and advice business owners, which provides more optionality through a \u2018core\u2019 plus \u2018specialist\u2019 service model, while better reflecting the cost of sustainable licensing services<\/span><\/li>\n
      • Boosting investment in education to deliver higher levels professionalism and compliance, including peer networks and coaching programs<\/span><\/li>\n
      • Creating one Advice support team to serve employed advisers and advice businesses, delivering a stronger client focus with improved consistency and efficiency<\/span><\/li>\n<\/ul>\n

        MLC Wealth confirmed further details on the proposed structure of its employed advice network will follow.<\/span><\/p>\n

        \u201cWe are in an important transition period as we refocus and reshape the business. We will continue to support our advisers and engage widely to ensure we deliver the new model in the right way,\u201d Lloyd said.<\/span><\/p>\n

        MLC Wealth launched a new strategic intent for the business in March this year along with a new operating model including the establishment of four key business pillars: <\/span><\/p>\n

          \n
        • Advice<\/span><\/li>\n
        • Retirement & Investment Solutions<\/span><\/li>\n
        • Platforms<\/span><\/li>\n
        • Asset Management<\/span><\/li>\n<\/ul>\n

          \u201cWe are undertaking an ambitious multi-year transformation, to ensure each business unit is individually strong \u2013 and collectively stronger under MLC Wealth,\u201d Lloyd said.<\/span><\/p>\n

          \u201cWe are determined to lead and support the industry in driving a new era of professionalism and transparency that drives better outcomes for clients,\u201d he added.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

          MLC Wealth has announced changes to create a simpler, more focused and sustainable advice business, including exiting self-employed franchise models and consolidating its advice business brands, following an extensive and consultative review.<\/p>\n","protected":false},"author":20,"featured_media":46052,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[4247],"class_list":{"0":"post-45985","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-company-news","8":"tag-feature"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/45985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=45985"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/45985\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/46052"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=45985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=45985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=45985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}