MLC enhances MasterKey
MLC has announced an overhaul of its MasterKey Fundamentals platform, including lowering its administration fees and adding a range of investment options which it claims give financial advisers and clients more choice and flexibility.
The new pricing structure will become effective from 1 February, next year, and is headlined by a significantly reduced administration fee which - for account balances up to $200,000 - will see the rate cut by an average of about half.
MLC said that, additionally, a fee cap had been introduced for balances above $1.4 million, giving investors with high balances certainty they won't pay more than $3,500 for administration.
Commenting on the changes, MLC MasterKey general manager Dean Thomas said the changes would make the platform significantly more competitive for clients and finanical advisers.
He said the monthly account fee for MasterKey Fundamentals had also been abolished and that, in addition, new investment options had been added to meet the growing needs of investors.
Recommended for you
The Compensation Scheme of Last Resort says it has received over 200 claims for compensation relating to personal financial advice since its inception and detailed the specific recurring issues being raised by claimants.
Two financial advisers have shared with Money Management why they opted to specialise in certain client niches when setting up their own business.
Insignia Financial has reached a major milestone in completing the separation of MLC Wealth from NAB, having acquired the firm back in 2021.
There could be changes ahead for how ASIC requires licensees to handle conflicts of interest as the corporate regulator announces it will be meeting key stakeholders next year to update guidance.
