An expert national panel of lawyers has been put together by National Australia Bank's wealth arm MLC to help risk specialists provide lucrative business risk and estate planning advice.
Nine law firms across Australia are on stand-by to work with members of the MLC risk specialist network, which has 250 advisers in 140 practices.
"More and more risk specialists are moving into the area of advising on business insurance and estate planning and to do that they obviously need to work closely with appropriately experienced and qualified legal professionals," MLC insurance strategy manager John de Fries said.
"Part of the MLC risk specialist network's role and MLC adviser solutions' role is to provide financial advisers with the tools to bring about better solutions for clients."
The panel of legal firms comprises: Bartier Perry, Musgrave Peach, Mills Oakley Lawyers, Brett Davies Lawyers, Clarendene Estate Planning Lawyers, McCullough Robinson, DBA Butler, Hall & Wilcox and Cowell Clarke.
A letter of understanding has been put in place between MLC and the law firms, although the business relationship is strictly between the financial planning practice, its clients and the lawyers.
"We think business risk and estate planning present huge opportunities for all advisers in the MLC risk specialist network," de Fries said.
"Less than a quarter of businesses have succession plans in place."
The move was announced at the MLC risk specialist network risk retreat 2008 on the Sunshine Coast, Queensland earlier this month. It was attended by around 100 advisers.
