NAB / MLC restructures dealer group network

The combinedNational Australia Bank (NAB)/MLC group is preparing to sign off on a major restructure of its financial planning distribution network involving the repositioning, re-branding and possible merger of a number of its dealer groups.

The restructure is the culmination of a review of the existing MLC and NAB dealer group networks, including National Australia Financial Planning, National Personal Client Services, MLC Financial Planning, MLC Private Client Services, Godfrey Pembroke, Garvan, Apogee and AdvantEdge.

Details of the restructure are to be announced within weeks. But MLC adviser services general manager Matt Lawler has confirmed some dealer groups will be re-branded and alter their focus from an external client base to bank-based customers as part of the changes.

Lawler has also not ruled out the merger of some dealer groups, although he has confirmed this will not involve Apogee and Garvan, a move that had been the subject of some speculation.

“There will be consequences for some brands and some dealer groups but that still hasn’t been communicated totally to the people involved,” Lawler says.

As part of the restructure, the current general manager of National Australia Financial Planning, Craig Bacon, will give up his role to take up a more strategic position across both the MLC and NAB financial planning distribution channels.

“His specific role will be to work with the two distribution sides of the business to work out what the opportunities are and to allow both organisations to tap into those opportunities,” Lawler says.

“That really does send a signal about where we [MLC and NAB] are going, which is not to operate as two separate companies.”

Adrian Hondros, currently the managing director of Godfrey Pembroke, will take up Bacon’s position at National Australia Financial Planning.

National Australia Financial Planning is the group’s largest dealer group with some 400 advisers and $10 billion under advice.

A number of candidates, both internal and external, are being assessed to replace Hondros at Godfrey Pembroke.

“We have done a review of our portfolios and have got some different directions in terms of the businesses that we have got and why they exist and what they are doing,” Lawler says.

“We have refined the focus of some of our dealer groups, so the areas they are focusing their energies on has changed.”