MLC launches consulting service for ultra-HNW


MLC has launched a consulting service called Portfolio Solutions which will target ultra-high net worth (UNHW) retail investors and support advisers aligned with the bank.
The service, which will also be available to small institutional investors and non-for-profit organisations, will involve tailored asset allocation and comprehensive stress testing of financial outcomes.
Portfolio Solutions will be limited to individual and small institutional investors with more than $3 million in investable assets.
The new team will be headed by MLC investment strategist Michael Karagianis, who said much of the investment advice and products currently available in Australia cater for the accumulation phase of the wealth cycle.
"For many UNHW clients, however, wealth accumulation is not a priority; they have been able to generate wealth successfully from their own activities," Karagianis said.
"We find many UNHW clients are seeking solutions to ensure the real value of existing wealth is protected over time so it may generate enough income to keep pace with inflation and maintain their lifestyle into and through retirement."
The team has been established to help UNHW clients better construct their portfolios, he added.
Karagianis said the goal is to double the number of clients MLC provides tailored solutions to in 2013.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.