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MLC helps advisers go “fee-for-advice”

MLC is launching a series of workshops next week to help financial advisers make the transition to a fee-for-advice business model.

Pay for adviceThe workshops will be open to all financial advisers and have been designed to share the many years of experience MLC has acquired in helping advisers in its own aligned advice businesses to move away from commissions to fees.

The workshops follow significant demand from advisory firms outside the MLC Licensee network wanting information about the services offered by MLC. This follows the announcement of the prospective ban on commission-based payments for investment and superannuation products from July 1, 2012.

Peter Greenaway, General Manager of Business Development at MLC said: “MLC has more experience helping advisers transition to fee-for-advice than anyone else, having led the industry on this issue for the last five years. We started helping advice practices switch their businesses away from commissions on investments and superannuation back in 2006.

Since then we have transitioned advisers across Godfrey Pembroke and NAB Financial Planning and the last remaining advisers in Garvan, Apogee and MLC Financial Planning will complete the transition by the end of the month.

“Advice businesses are seeking us out as we have a proven track record in helping advisers transition to a transparent, fee-based business model.”

Since 2006 MLC has been a vocal advocate of reforming the advice industry to remove investment commissions and other perceived conflicts of interests, in order to build a sustainable future for the industry with a focus on client relationships.

“The 2012 deadline for making the transition to fees may seem like a long way away but the sooner advisers begin making the transition the better. It is not as simple as just changing your FSG and SOA. It is all about understanding the value of your advice and being able to articulate that value to the client.

“Ultimately, the regulatory change is about encouraging more Australians to access quality advice and we want to assist advisers wherever we can to set up their business for success in the new environment,” Mr Greenaway said.

The initial workshops start in Melbourne on 8 June with further sessions to be held in Sydney on 9 June and Adelaide on 20 July.

Financial advisers interested in finding out more details of the workshop are encouraged to contact Anna McLiesh, MLC’s Head of Business Growth on: (03) 8634 4496 or 0400 714 558.

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David Olsen

David Olsen

An undercover economist and a not so undercover geek. Politics, business and psychology nerd and anti-bandwagon jumper. Can be found on Twitter: <a href="http://www.twitter.com/DDsD">David Olsen - DDsD</a>

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