MLC retires advice brands as TenFifty strategy progresses

Three brands will be merged into the newly named TenFifty business as MLC steps towards a more focused network.

The name TenFifty was derived from the translation of MLC in Roman numerals

MLC has retired its Garvan, Apogee and Meritum brands in a move that will see the dealer groups merged into a single unit as part of a multi-year transformation to revitalise the advice business.

It follows an exodus of advisers from the dealer groups over the past year. Apogee adviser numbers are down 35 per cent to 81, while Meritum has seen a 52 per cent plunge in advisers to just 35. NAB was unable to provide figures for Garvan.

MLC’s new licensee network for self-employed advisers and advice businesses, named TenFifty Financial Group, takes NAB’s wealth arm closer to its goal of creating a simpler, more focused and sustainable financial advice business, MLC said.

Acting group executive for advice, Geoff Rogers, said the new business would give advisers, businesses and their owners access to a new community built on the foundation of partnerships.

“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. 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.

“These challenging times have shown the true value of relationships and the power of community, and the advice industry is enduring extraordinary change. 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.”

TenFifty would be built on four pillars: community, compliance, consulting and capability, Mr Rogers said. It will be led by MLC general manager Brendan Johnson, who has been part of the wealth business for more than 18 years.

The move to consolidate the advice offering follows a review in 2019 after which MLC flagged changes to the business, including bringing together employed advisers under the MLC brand (NAB Financial Planning will be rebranded MLC Advice) and merging the Garvan, Apogee and Meritum brands into the one unit.

Its Godfrey Pembroke brand, which serves high net worth clients, will remain a separate business.

The name TenFifty was derived from the translation of MLC in Roman numerals, which MLC said reflected its strong heritage and expertise in advice and licensing.

In April, NAB said it was accelerating the operational separation of MLC Wealth as a priority, to ensure the business would be well positioned on a stand-alone basis for divestment. The divestment is expected to occur this calendar year.