MLC has launched a new advice business called TenFifty Financial Group by combining businesses earlier aligned with Garvan, Apogee, and Meritum brands.
Advisers attached to TenFifty will serve as representatives of GWM Adviser Services.
General manager Brendan Johnson, an 18-year veteran of MLC, will be in charge of TenFifty.
MLC acting group executive for advice Geoff Rogers said: “When we announced our strategic intent in 2019, we established a simpler operating model that would allow us to focus more on delivering for clients.
“This model included a new licensee business that could service a broad client base with different needs while offering unparalleled support for advisers.
The name TenFifty is said to have been derived from MLC’s translation in Roman numerals.
The business will run on four business pillars including community, compliance, consulting as well as capability.
Commenting on the new business, Rogers noted: “These challenging times have shown the true value of relationships and the power of community, and the advice industry is enduring extraordinary change.
“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.”