TenFifty Financial Group, a new business-to-business adviser and licensee “community”, was created after MLC decided to simplify its business.
“In August 2019, following an extensive and consultative review, MLC confirmed changes to its advice business, including bringing together employed advisers under the MLC Advice brand and creating a new combined community of advice businesses, previously aligned with Garvan, Apogee and Meritum, under a new brand,” MLC said in a statement.
The name TenFifty is derived from the translation of MLC in Roman numerals. TenFifty will be led by general manager Brendan Johnson, who has been part of MLC for more than 18 years and who is “a strong advocate for professional financial advice”.
“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,” said Geoff Rogers, MLC acting group executive for advice. “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 TenFifty will be built on four business pillars: community, compliance, consulting and capability.
“We’ve listened to our clients and understand the importance of providing advice that is fit for purpose, high-quality and compliant on all levels,” Mr Rogers said. “At the same time, we’ve spoken to advisers at length about their need for professional development and opportunities to connect, learn and grow.”
Advisers within TenFifty will operate as authorised representatives of Australian Financial Services Licence holder, GWM Adviser Services Limited.
“These challenging times have shown the true value of relationships and the power of community, and the advice industry is enduring extraordinary change,” Mr Rogers said. “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.”
Godfrey Pembroke and MLC Connect, two of MLC’s other advice businesses, will be led by general manager Mark Fisher.
To be fair, the guy who’s overseen this ‘strategy’ & ‘marketing’ – is “acting” – sure is! It will could read well in the IM as the bank tries to flog it and limit the write down…
ten fifty = the number of NAB aligned advisers they have pissed off
Why did the RC not recommend banning vertical integration? If you could only be product OR advice but not both, perhaps the instos would work in the best interests of their clients – the advisers.
Isn’t 7-11 a convenience store? Oh sorry re-read it…… Isn’t Fifty Cent, a black Amercian rapper?
Typical corporate rebranding mistake… to avoid the risk of having one group of people loving the brand, they instead launch a brand that everyone will hate
I am sorry – I missed what has changed. So Apogee, Garvan and Meritum advisers will now become GWM Adviser Services advisers. And someone in MLC is really excited because they found a work experience kid that understands Latin. Wow, wait till they discover that Otto spelt backwards spells Otto and other party trick.
It is really nice watching children play!
Mutton dressed up as lamb.
sounds like AMP Direct business model.
Very clever withe name. not.
Sounds like some rapper.
Interesting CV for Fisher.
AMP, NAB, AXA, Macquarie, Westpac incl BT & Securitor then MLC.
Is being licensed by Fifty Cent fully owned by MLC in the best interests of Australians or the advice industry or is it just going to benefit me the adviser?
You look at all the regulation, Government intervention that has occurred in the advice industry over the last 5-10 years and if you think your future is hitching your wheel barrow to these firms you must surely have rocks in your head. If you’re going to go to the problem of rebranding from whatever MLC owned licensee to FiftyCent make some smart choices and stop thinking about yourself but start thinking about the wider advice community and Australian public.
‘The name TenFifty is derived from the translation of MLC in Roman numerals.’
Given M represents 1,000, L represents 50 and C represents 100, shouldn’t it be ElevenFifty?
Nah the 100 (C) goes as commission to MLC as naming right to avoid conflicted rem laws
LOL
1150?
100050100?
50 Cent M?
Fiddy?
A smaller numeric letter before a larger is subtracted. Hence IV = 4 VI = 6
So M = 1000+CL = 100-50 = 1050 but ML = 1050 so the C is redundant as should be whoever invented this C**P.
Bank financial planning is also redundant. I think they meant it THAT way
Where ever a product manufacture has more than a 50% stake in the licensee, the Government should step in and prohibit them from being renamed/rebranded. They should be forced to be called authorised reps of MLC. My experience is that MLC is just going to sit around and think how do we get Adviser X in ABC town to write more business in MLC. It’s not about profitability of the advice firm, it’s about FUM and I can list a range of practices that these firms embark on to get more FUM.
Just when you thought it was safe to go back into the water ……. 1050 in Roma numerals is apparently ML not MLC
No it isn’t. The correct calculation in roman numerals is (M-L)+C = (1000-50)+100 = 1050…… Just when you thought planners understood maths….
GPH is correct that 1050 in Roman Numerals should be ML (1000 +50). The equation they have done is 1000 + (-50+100). It would be like saying VX (-5+10) is 5 when you could just write V
No. GPH isn’t correct.
Its a great name. With a brand refresh – things should go much better than before!
$2.50 group
Watch this space, I just lost a client to the MLC call centre who told them they don’t need an adviser or pay advice fees as the call centre can do everything –
highly doubt that
What can the call centre do ? I find it incredulous that the sole focus is on adviser education when the elephant in the room is what will happen to the orphan clients and what level of support will they receive from super fund managers. Surely super fund managers should be required to state specifically what their call centres can or cannot provide and be held accountable to that. It also raises the strategic question of whether they are in a strategic relationship with advisers or not. Are we now entering a new world where financial planners take fund management off the big funds and the big super funds fight over the orphan and lower value clients and remain in compliance no mans land as they attempt to promise the world to try and prevent FUM outflow.
Now that AMP have forced many practices out of business and taken their income (commission from adviser, but the AMP fee receipt is still the same?) they are now suggesting advisers should ‘get the risk off the book’ and “we’ll figure out a way to take those clients back”. Now when the client wants advice, AMP will provide it at FFS costs. Sounds legit.
Smoke and Mirrors….what was wrong with the retiring licences that this will fix?
Pretty sad state of affairs all round for the industry and the business when one of your four pillars is compliance!!! Surely that should be a given and not a pillar!!!!!
As soon as I read how the name came about I decided to skip to the comments section. Makes my stomach churn…..
How can it be any different when the same old people are managing it?