MLC advice shake-up results in redundancies
Greg Miller
MLC has restructured reporting lines around its advice support team, leaving five senior staff redundant and three newly created positions up for grabs.
MLC Advice Solutions general manager Greg Miller confirmed the group had made five redundancies, though he would not comment on who or which departments were affected.
“We’ve mainly changed reporting lines around the support areas we use across the business that was in financial planning and third party.
“So with that we’ve just realigned different teams, all the same teams are still in place, we’ve just internally realigned the management around that so we can get greater focus on what we can achieve through supporting our aligned advisers.”
Miller said the restructure stemmed from the group’s parent NAB appointing Matt Lawler to head up its mortgage broking business earlier this year.
He also said the group’s state managers, practice development managers and other “frontline people” remained in place.
“It was just about our support teams we put together in some different combinations following the changes with NAB broker earlier in the year. And so we think we can better support advisers through that way with that re-changed management structure.”
While Miller was coy on details regarding the newly created positions, he expects all three will be filled internally.
“We’re working through that process at the moment in terms of new roles, and we’re just allocating responsibilities across existing management. We’re expecting that it will all be done through internal people.”
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
