Mercantile Mutual gears for distribution

10 March 2000
| By Samantha Walker |

Mercantile Mutual says its distribution networks are ready for the spate of market changes expected later this year with the company’s inhouse brokerage and dealer group Mercantile Mutual Broker Services being rebranded as AustAdvisers.

Mercantile Mutual says its distribution networks are ready for the spate of market changes expected later this year with the company’s inhouse brokerage and dealer group Mercantile Mutual Broker Services being rebranded as AustAdvisers.

Chief general manager of retail distribution Les Clayton says AustAdvisers is still “in its early stages”, having only being launched this month. It currently has 40 ad-visers licensed to it but the group hopes to bring more advisers on board.

“There’s probably 80 practices which might be attracted to this solution,” Clayton says.

Mercantile Mutual managing director Rod Atfield says, apart from this, there will be no changes to his group’s distribution strategy.

“We will continue to allow our advisers to choose their products. Some groups are almost trying to push their advisers into tied distribution. We’ve always believed in the independent adviser market,” Atfield says.

"Although it’s a commonly held belief that you must control your distribution to be effective, we believe we can capture retail margins in our master trusts and wraps.”

Atfield remains nonplussed about cross endorsement requirements under CLERP 6, saying the issue is a non-event.

“This is a furphy that goes a long way back. There’s never been a problem with cross endorsement,” he says.

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 3 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 3 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 3 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 week 3 days ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

1 week 2 days ago

The Federal Court has given a verdict on ASIC’s case against Dixon Advisory director Paul Ryan which had alleged he breached his director duties....

1 week 1 day ago