In August, MLC announced it would exit from the self-employed franchise models of MLC advice stores and NAB Financial Planning as part of a strategy “to create a simpler and more sustainable advice business”.
But in a letter to NAB’s general manager of financial planning and direct advice, Tim Steele, the FSU said it had engaged with “a significant potion” of employees since the announcement of MLC’s restructure of its advice business.
Of “significant concern” to the FSU was the lack of relevant information being made available to impacted employees well into the consultation period, with advisers left with many unanswered questions in relation to MLC’s proposal.
“Employees cannot understand why information relevant to the consultation process and necessary for decision-making has not been made available to them from the start of the consultation,” the FSU said.
“Role purpose statements are vague, salary rates have been withheld and book price information is still not available.”
The FSU said there is widespread concern that the proposed structure will result in unachievable workloads for the staff that are left behind.
“With heavy workloads come errors – and the implications for staff around compliance errors can be severe, including exclusion from the industry,” it said.
“It seems that the lessons from the royal commission may have already been forgotten.”
The FSU also noted employee concerns as to why job swaps are not on the table.
“This would facilitate those employees who are no longer aligned with the direction MLC are moving in to depart opening opportunities for those who want to stay and remain employed,” it said.
“With less staff and more customers there is understandable concern about the working environment into the future and your obligations from both a Work Health Safety and Fair Work Act perspective.
“Given many questions remain unanswered for impacted employees it may be appropriate to extend the consultation period to allow employees to consider your responses to unanswered questions.”
The NAB consultation period is scheduled to close on 19 September.
Common leadership theme here: 1) Join institution 2) Mismanage business 3) Blame others 4) Shrink business 5) Leave insituation and start again at 1)
Join the ARC fund and fight before your all slaughtered.
No confusion here . NAB is looking to sell off MLC for the highest possible price for its shareholders . Nothing more , nothing less .
I don’t think there is that much going on that is nefarious, more so confused. What I think is actually happening is MLC themselves don’t know how they would take a bloated business forward that wasn’t profitable on it’s own without an aligned advice channel. Part of cracking the nut was upping the fees to advisers, lowering the services, rationalising the number of practices they engage with (less is more) and then getting rid of a pile of staff members.
It can’t be that complicated…
Adam below said, “You’d be better keeping your $1,000 membership fee in your own pocket.”…. Or you should stand up for ALL advisers and contribute to the ARC Challenge Fund which is going to the high court.
Contribute here at the website, https://arcfund.com.au/
Let’s see MLC…yet another proud partner of the FPA’s professional partner program where they too are also “helping to shape the direction of financial advice in Australia”….where the payments made to the FPA are bundled up and called “member fees”…. To all those NAB and MLC advisers I guess when the FPA makes a decision between doing something in the best interest of advisers and Australians or acting for MLC it’s likely a nice little $60,000 upwards cheque from MLC plus memberships fees will mean MLC advisers will continue to be screwed going forward. You didn’t listen when FoFA came in, you didn’t listen when LIF happended, you do anything when FASEA was introduced and you’re going to sit back and be screwed all over by the FPA and MLC again. You’d be better keeping your $1,000 membership fee in your own pocket.
Get away from retail managers they say, but alas wait till industry super implodes and these execs are made accountable.
This industry really does contain grubs doesn’t it? It really disgusts me now that I’m in it with parasites like this.
storm in a tea cup as they say. keep on lambasting these people here on this forum which is read by your peers and no one else.
that’s really going to help
unless we start a class action or do something like a non violent protest by fasting to death at martin place steps nothing is going to happen
Shame on these large Financial Planning companies….it’s all about picking on the little guy to save their own skin…..what a disgrace!
Who cares ? They’re only advisers, they’re tough blokes, they’ll make lemonade. We really need to make sure the Senior Exec cos those guys are the real hard workers – MLC 16/9/19
Tim Steele once with AMP and now with MLC.
No one should be surprised that both are a mess
These big companies are a disgrace – does it make it right to treat any person in this way?