NAB/MLC names dealers caught in restructure

The combinedNational Australia Bank (NAB)/MLCgroup has confirmed thatNational Australia Financial Planning, National Personal Client Services,MLC Private Client ServicesandAdvantEdge Financial Managementare the dealer groups involved in the restructure of its financial planning network.

A spokesperson for NAB/MLC confirmed last week the four dealers were the ones caught up in the restructure afterMoney Managementreported last month that the group was preparing to sign off on significant changes to some of its financial planning businesses.

At the time,Money Managementreported the restructure would involve the re-positioning and possible re-branding of some of the NAB/MLC dealer groups. However, NAB/MLC was not forthcoming at the time with information about precisely which dealer groups would be involved in the restructure.

Apart from the four dealers confirmed as part of the restructure, the NAB/MLC financial planning network also includesGodfrey Pembroke,Apogee Financial Planning,MLC Financial PlanningandGarvan.

No details have yet been made available to outline exactly how National Australia Financial Planning, National Personal Client Services, MLC Private Client Services and AdvantEdge will be affected by the restructure.

However, NAB/ MLC has already announced that Craig Bacon, formerly the general manager of National Australia Financial Planning, would leave the planning business as part of the restructure to take up an internal role within NAB/ MLC with strategic oversight across the group’s entire financial planning distribution network.

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

Adrian Hondros, previously the managing director at Godfrey Pembroke, has taken over from Bacon at National Australia Financial Planning.

The group is yet to announce a replacement for Hondros at Godfrey Pembroke.