Rural planning group joins MLC

By Zoe Fielding

Rural financial planning group Elders Securities has partnered with MLC, agreeing to replace its own in-house planning systems with ready made versions supplied by the financial services giant.

The deal was completed through MLC’s Alliances Program — a business unit set up last September to offer the back-office systems used by MLC’s own dealer groups to outside planning businesses.

Elders Securities national manager Eddie Bell said MLC’s back-office research had appealed to the group, which operates though 400 Elder’s bank branches in regional and rural locations across Australia.

Services in the MLC Alliances Program will replace in-house systems, as well as BOSS software.

Bell said the organisation is in the process of re-engineering its business and partnering with MLC was part of that activity.

The group also plans to expand and is looking to increase its current staff of around 50 advisers to between 120 and 140 over the longer term.

“We are changing our business model to expand the range of services we offer our clients and MLC Alliances have helped us design, and will now help us implement, this new model,” Bell said.

He said the group plans to offer traditional debt products, such as household mortgages, in addition to its current debt offerings, which are mostly aimed at rural producers.

Bell said funds management was another area targeted for growth. He said Elders advisers had previously shied away from writing funds management business.

The group is also considering its options on how to recruit for the expansion. Currently, advisers operate franchises, but Bell said Elders may consider hiring salaried advisers.