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MLC restructures ahead of separation from National Australia Bank

National Australia Bank Ltd. wealth management unit MLC Wealth is restructuring to become a simpler and more focused business.

MLC will bring together employed advisers under the MLC Advice brand, which would mean new professional offices in fewer locations and more focused and segmented offers.

The company will also simplify advice licenses, going forward with two down from five. Its licensee Godfrey Pembroke will focus on high-net-worth clients.

There will also be a new combined group of advice business previously aligned with Garvan, Apogee and Meritum brands. MLC will exit self-employed franchise models, including MLC Advice Stores and NAB FP self employed.

MLC CEO Geoff Lloyd said the changes are part of ongoing work to strengthen MLC ahead of its separation from NAB. "We are undertaking an ambitious multi-year transformation, to ensure each business unit is individually strong – and collectively stronger under MLC Wealth," Lloyd said. The changes MLC announced will take place over the coming months.