MLC has announced a new licensee network for self-employed advisers and advice businesses as it attempts to create a “more focused and sustainable” financial advice business.
TenFifty Financial Group, a new business-to-business adviser and licensee “community”, was created after MLC decided to simplify its business.
“In August 2019, following an extensive and consultative review, MLC confirmed changes to its advice business, including bringing together employed advisers under the MLC Advice brand and creating a new combined community of advice businesses, previously aligned with Garvan, Apogee and Meritum, under a new brand,” MLC said in a statement.
The name TenFifty is derived from the translation of MLC in Roman numerals. TenFifty will be led by general manager Brendan Johnson, who has been part of MLC for more than 18 years and who is “a strong advocate for professional financial advice”.
“When we announced our new strategic intent in 2019, we established a simpler operating model that would allow us to focus more on delivering for clients,” said Geoff Rogers, MLC acting group executive for advice. “This model included a new licensee business that could service a broad client base with different needs while offering unparalleled support for advisers.”
Mr Rogers said TenFifty will be built on four business pillars: community, compliance, consulting and capability.
“We’ve listened to our clients and understand the importance of providing advice that is fit for purpose, high-quality and compliant on all levels,” Mr Rogers said. “At the same time, we’ve spoken to advisers at length about their need for professional development and opportunities to connect, learn and grow.”
Advisers within TenFifty will operate as authorised representatives of Australian Financial Services Licence holder, GWM Adviser Services Limited.
“These challenging times have shown the true value of relationships and the power of community, and the advice industry is enduring extraordinary change,” Mr Rogers said. “By establishing opportunities to connect with like-minded peers to learn, share and collaborate through the TenFifty network we believe advisers will be even better placed to offer quality advice and set themselves up for success.”
Godfrey Pembroke and MLC Connect, two of MLC’s other advice businesses, will be led by general manager Mark Fisher.