The last of the big four banks to keep a foot in the licensee owners camp has launched a new brand, closed three existing licensee brands, and bid farewell to its bank-branded moniker.
Today NAB’s wealth business MLC will launch TenFifty Financial Group and officially retire its Garvan, Apogee and Meritum brands.
The NAB Financial Planning name will also be retired – the group’s salaried advisers now coming under MLC Advice.
Godfrey Pembroke, possibly the group’s best recognised dealer group, will continue on as a high net worth-client focused advice business.
Meanwhile JB Were will remain with the parent National Australia Bank as MLC gradually moves towards its goal of separation.
The reorganisation has taken its toll on adviser numbers since the plan was first flagged in August – more than 500 advisers have left the group, according to the latest Licensee Owners List to be released on June 1, compared to the list this time last year.
This streamlined advice business is part of a “simpler operating model”, Geoff Rogers, MLC’s acting group executive for advice said. Advice is one of the four parts of the soon to be spun of MLC Wealth, alongside its retirement, platforms and asset management businesses.
Some 425 advisers will be a part if the new TenFifty group, based on Professional Planner’s own numbers, making it comparable in size based on number of authorised representatives to the likes of Synchron, Morgans Financial and Centrepoint Alliance. JBWere currently accounts for 204 advisers and 295 advisers are registered under the NAB brand, according to the Licensee Owners List.
The shifting sands of licensee ownership will be among the topics discussed alongside leadership, regulation and application of new ethical standards at the upcoming Licensee Digital Summit on June 2 – secure your digital pass today.
Both Commonwealth Bank and Westpac have shut down their respective licensee advice businesses in the last year – CBA sold Count Financial and will finalise the closure of Financial Wisdom in June. Westpac quickly shut down its Securitor and Magnitude dealer groups last year. ANZ agreed to sell its licensees to IOOF in 2018.