MLC has welcomed\u00a0the\u00a0new financial year with confirmation it has completed the transition to fee for service\u00a0models for each the\u00a0advice businesses operating under its umbrella.<\/p>\n
From 1 July 2010, the following NAB\/MLC-owned\u00a0dealer groups will now operate under a fee for service model for all new investment and superannuation clients:<\/p>\n
These advice groups join Godfrey Pembroke<\/a> and NAB Financial Planning<\/a>, who\u00a0already\u00a0apply a fee for service business structure \u00a0for investments, superannuation and retirement planning advice solutions.<\/p>\n While declaring this transition to be ‘a significant milestone’ in MLC’s history,\u00a0 Executive General Manager MLC Advice & Marketing, Richard Nunn<\/strong>, acknowledged\u00a0that transitioning from a commission based model to fee for service is ‘extremely complicated’.\u00a0 But Mr Nunn added,\u00a0“… we have assisted hundreds of advice businesses to transition to fees and not one has converted back to commissions.”<\/p>\n MLC has positioned itself as a leader in making the move to fee for service, Mr Nunn commenting, “We are pleased to see many of our competitors now moving in this direction.”\u00a0 “The sooner our industry makes the transition, the quicker we can start to build greater trust in our industry,”\u00a0concluded Mr Nunn.<\/p>\n MLC continues to support the retention of commissions for risk products, as outlined in its submission to the Ripoll Inquiry in 2009, which stated:<\/p>\n “MLC believes that it is appropriate for advice commission based remuneration models, with full disclosure requirements, to continue for insurance product distribution.”<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" MLC has welcomed\u00a0the\u00a0new financial year with confirmation it has completed the transition to fee for service\u00a0models for each the\u00a0advice businesses operating under its umbrella.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,270],"tags":[],"class_list":{"0":"post-6918","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-dealer-groups","7":"category-remuneration","8":"headers-new"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/6918","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=6918"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/6918\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=6918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=6918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=6918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}… transitioning from a commission based model to fee for service is ‘extremely complicated’<\/h6>\n