MLC advisers the top earners
MLC financial advisers are reaping the rewards of transitioning to fee-for-service, with advisers from three of its dealer groups earning the most among non-salaried advisers, the group has stated.
MLC was referring to the Comparator Annual Benchmarking Study for Financial Planning Businesses 2010, which ranked Godfrey Pembroke Limited advisers in first place as they earned almost 25 per cent more than the industry median. Garvan/MLC Financial Planning and Apogee Financial Planning advisers came in second earning almost 21 per cent more.
MLC advisers have been ranked first for the third year in a row in the ‘average remuneration per adviser’ category.
“We have always maintained that moving to a fee for advice model is not only the right thing to do by the client, it is also better for an adviser’s business,” said MLC & NAB Wealth’s executive general manager of advice and marketing, Richard Nunn (pictured). “The latest data from Comparator reinforces this.”
Nunn said MLC helped advisers to operate more sustainable business models through focusing on fee-for-advice, client segmentation, and long-term active relationships, noting that competitors’ data included volume rebates which MLC-aligned advisers did not receive.
“This latest study emphasises that non-conflicted business models are more profitable,” he said.
Recommended for you
After seven years at the company, Iress’ chief technology officer for wealth management APAC, Anthony Gerrits, has departed as the firm commences a search process to fill the role.
With advice firms thinking about scaling up in 2025, research has detailed the main avenues financial advisers say they have used for successful recruitment.
The board of Insignia Financial has reached a decision regarding the possible acquisition of the firm by US private equity giant Bain Capital.
Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses.
