MLC wealth business Garvan Financial Planning has won three Melbourne-based financial advice firms, two from Professional Investment Services (PIS) and one from Wilson HTM.
Financial adviser Julian Battistella has left Wilson HTM to establish Battistella Financial Services as a licensee of Garvan while McNeany Financial Services and Vertex Group joined Garvan from PIS.
The moves come as MLC considers transitioning Garvan advisers to accept fee-only remuneration.
The process is part of a phasing out of commission-driven investment advice across the National Australia Bank (NAB) group.
Battistella said the group's fee-for-service focus influenced his decision to move dealerships.
"MLC's commitment to fee for service and building greater trust in financial planners was an important factor in my decision," he said.
"Trust and transparency is a critical part of my business model and it was important that my chosen licensee shared similar values."
McNeany Financial Services Mark McNeany said MLC and NAB were known for helping advisers to deliver quality advice.
"[They] also [have] fantastic business consulting services," McNeany said.
Vertex Group principal Chris Steiger said MLC was the best licensee to support his business.
MLC recently halved the length of its statements of advice across its network and has been training its advisers in client relationship management.
Garvan won the CoreData IFA major dealer group of the year award in 2007.
