Financial services group MLC will undergo a revamp of its paraplanning service, with the firm's centralised model, ThreeSixty, to be phased out and a referral model to operate in its place.
ThreeSixty will be phased out from October with the transition to the new referral model. The new model will allow advisers access to a panel of referral partners.
The paraplanning referral model will provide advisers with quality paraplanning services as well as outsourcing alternatives for the production of statements of advice (SOAs), the company said.
"The paraplanning referral service will offer greater flexibility and customisation for individual advice businesses as well as localised services," MLC general manager of advice solutions Greg Miller said.
"Where agreed, the referral partner could even make site visits to practices and work with advisers to tailor their approach."
MLC will work closely with advisers to identify their needs and match them with the most appropriate consultant, Miller added.
Two other areas of focus for MLC will be developing its paraplanning talent through its Paraplanner Academy.
It also plans to expand the role of its SOA Solutions team, which provides coaching and support on the production of SOAs, the company said.
