MLC Wealth is restructuring its financial advice business, including consolidating its aligned dealer groups down to two.
MLC Wealth chief executive Geoff Lloyd today announced he is making major changes to its financial advice business ahead of separating from the NAB Group.
This involves consolidating its advice brands from five down to two. These would be high-net-worth advisory firm Godfrey Pembroke, as well as a new combined group of advice businesses previously aligned with the Garvan, Apogee and Meritum brands.
The group will exit the self-employed franchise models of MLC Advice Stores and NAB Financial Planning.
A simpler pricing model between MLC and advice business owners will be introduced, Lloyd said, which provides more optionality through a 'core' plus 'specialist' service model and better reflects the cost of sustainable licensing services.
One advice support team will be created to serve employed advisers and advice businesses, aiming to deliver a stronger client focus with improved consistency and efficiency, he said.
"We are undertaking an ambitious multi-year transformation, to ensure each business unit is individually strong - and collectively stronger under MLC Wealth," Lloyd said.
He sees the need for quality advice to continue - for individual clients and to support a strong economy, as the influence of the national retirement savings pool grows.
"We are determined to lead and support the industry in driving a new era of professionalism and transparency that drives better outcomes for clients," he said.