Nervous MLC advisers contemplate alternatives
Nervousness around the speculated private equity ownership of MLC Limited has seen a number of aligned financial planning businesses open up discussions with rival licensees.
A number of dealer group heads have confirmed the receipt of overtures from planning businesses currently operating under the remaining MLC licenses, including Godfrey Pembroke.
MLC earlier this year announced a consolidation of its financial planning licenses with the retirement of the Apogee, Garvan and Meritum brands and the launch of a new license under the TenFifty Financial Group.
Godfrey Pembroke is currently claiming 140 “financial advice specialists” across the business.
Recent reports have suggested that private equity giants such as KKR are vying for ownership of MLC but there have been question marks over their level of interest in the financial planning elements of the business.
Recommended for you
Insignia Financial has announced a board director will be stepping down next year after almost a decade amid a board refresh.
Zenith Investment Partners has appointed a Brisbane-based business development manager, who previously led Fitzpatrick Private Wealth Partners as a director and senior adviser.
Praemium has said it is open to investing in artificial intelligence “in a big way” as it believes it can transform the business and details how it is already being used by the firm.
Sequoia has shared its strategic initiatives for FY25, including organically increasing its licensee market share and restructuring its specialist investment arm.