MLC meets adviser demand for fee transition support

High demand from advisers

By Julie May
Fri 06 Aug 2010

MLC will hold further fee-for-service workshops for aligned and non-aligned advisers.

MLC has announced that it will host further workshops on the transition to a fee-for-service model on the back of adviser demand.

The government's proposed 2012 deadline for making the transition to fees might seem like a long way away, but the sooner advisers make the transition the better for their business and clients, MLC general manager of business development Peter Greenaway said.

"A lot of advisers have come to the workshops with a degree of fear about them but have left a lot more confident. They have come from newly created firms, established businesses and those in succession phase as well," Greenaway said.

"I think the client communication piece is what advisers are struggling with the most, however these workshops are helping them to find the right words to articulate the value of the advice."

Greenaway said since 2006, MLC had successfully transitioned its Godfrey Pembroke and NAB Financial Planning dealer groups, and last month its Garvan, Apogee and MLC Financial Planning dealer groups as well.

"We have helped advisers make the transition to fees and it should be noted that not one has gone back to commissions," Greenaway said.

A number of MLC aligned advisers were also attending the workshops to fine-tune their offering and to talk one-on-one with the people that have been working with businesses transitioning to fee-for-service for the last four years, he said.
 
ING-owned dealer group Financial Services Partners is currently hosting similar workshops for aligned and non-aligned advisers around the country as well.

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