MLC will take at least 500 fewer advisers forward into its more streamlined advice business compared to the number advisers that were part of its network time last year, the latest Licensee Owners List 2020 will reveal.

The National Australia Bank-owned wealth business which is currently preparing for separation and a possible spin-off under CEO Geoff Lloyd has seen a net attrition of 33.3 per cent of its advisers in the 12 months to the end of April, according to data collected by CoreData based on the ASIC adviser register.

The group’s National Australia Bank Financial Planning brand has registered the highest attrition – NAB has less than 300 representatives under its brand now compared to close to 500 representatives this time last year, the data shows. In all NAB has 1,011 ARs under its licenses compared to 1,515 this time last year.

The tally of year-on-year adviser numbers comes in advance of an announcement flagged last August by the group in which NAB’s salaried advice business will be rebranded as MLC and three existing licensee brands – Garvan, Apogee and Meritum – will make way for a new brand. It is understood these changes will be announced imminently.

Under the plans announced last August, JB Were will stay under NAB’s ownership, Godfrey Pembroke will continue, while advisers from the other three dealer group brands will join the new group.

Professional Planner’s Licensee Owners List 2020 will show that Garvan had 309 representatives registered on the ASIC register at the end of April this year, Apogee had 81 and Meritum, 35. Godfrey Pembroke meanwhile had 87 authorised representatives.

The state of the advice industry’s ownership will be discussed at this year’s Licensee Summit Digital – sign up here for your digital registration.

Westpac and Commonwealth Bank registered the largest attrition rates of advisers in the last 12 months – both institutions announced have announced their respective intentions to exit advice during the last year.

Commonwealth Bank will have officially closed down its Financial Wisdom brand by the end of this month and last year sold Count Financial to its minority-owned advice business, Count Plus.

Westpac, meanwhile, shut down its Securitor and Magnitude licensees and struck an agreement with Viridian Advisory to take some of these advisers. CBA shed 1,112 advisers in the last 12 months while Westpac said goodbye to 632, according to this year’s Licensee Owners List.

Smith is the editor of Professional Planner’s print and digital platforms. He is an experienced financial journalist, editor and multimedia producer who has held senior editorial positions both in mainstream press and trade media.
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