Merc restructures adviser networks
Mercantile Mutual has restructured its distribution and dealer group networks by housing the entire operation under the one roof.
Mercantile Mutual has restructured its distribution and dealer group networks by housing the entire operation under the one roof.
Merc’s new distribution management unit will be called Adviser Management Group and will combine the management and support services of its adviser networks under chief general manager Les Clayton.
Clayton says the primary aim of the restructure is to centralise seven key areas of activity within its dealer groups.
One of the areas is financial planning networks which will manage the strategy and activities of RetireInvest, Bleakleys, Advisor Investment Services and Super Concepts.
While Clayton will not be drawn on whether the restructure will mean changes to existing brands, he says there will be a number of different offerings for the group’s 1000 advisers.
“We are keen to have a range of solutions available for advisers. The one thing we don’t want is a one size fits all approach,” he says.
Clayton says Mercantile Mutual is looking at branding in a wider sense, linking Mercantile Mutual with the ING brand.
“We will be looking at that before we think further down the chain,” he says.
Advisor’s new head Bruce McCreedy, and Bleakley’s general manager, Lyle Jones will work within the group reporting to RetireInvest’s chief Mark Spiers.
Another group, called integrated financial services, will be headed up by Tony Hartley and will act as an umbrella for the Lynx, AustAdviser, Austbroker and Concord groups.
However, Clayton says the primary objective of the Adviser Management Group is to centralise the administrative activities of Mercantile Mutual’s distribution arms.
“We are pulling together all the things that don’t matter to the adviser or the client. The operational issues will be shared — things like IT, commission payments, finance and administration,” he says.
Clayton says the announcement of a structure for the new group is timely, given that Mercantile Mutual is due to begin discussing infrastructure plans with ING next month.
“We are starting our medium (three year) term infrastructure plan next month, so the timing is good. But there is no time urgent imperative for change at the moment.”
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
