MLC will launch a series of workshops next week to help financial advisers make the transition to a fee-for-service business model, whether they are aligned to the MLC Licensee network or not.
MLC said there had been significant demand from non-aligned advisory firms wanting information on how MLC had helped its advisers to move away from commissions.
MLC general manger of business development Peter Greenaway said the group had received a lot of inquiries following the proposal to ban commission-based payments for investment and superannuation products from 1 July 2012.
He said offering the workshops to non-aligned MLC advisers was not a recruitment technique, nor did he think offering workshops would be enough to influence them to change licensees despite the possibility.
“MLC has more experience helping advisers transition to fee for advice than anyone else, having led the industry on this issue for the last five years,” Greenaway said.
“We started helping advice practices switch their businesses away from commissions on investments and superannuation back in 2006.”
Since then, he said the group had transitioned its Godfrey Pembroke and NAB Financial Planning dealer groups, with Garvan, Apogee and MLC Financial Planning to have completed the transition by the end of this month.
“The 2012 deadline for making the transition to fees may seem like a long way away, but the sooner advisers begin making the transition the better,” Greenaway said.
“It is not as simple as just changing your financial services guide and statement of advice. It is all about understanding the value of your advice and being able to articulate that value to the client.”
Initial workshops will start in Melbourne on 8 June, with further sessions to be held in Sydney on 9 June and in Adelaide on 20 July.
