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MLC launches funding package for advisers

MLC is to launch a loan package for financial planning firms in conjunction with sister company Clydesdale Bank.
The MLC Strategic Partner Funding Program bases lending against a financial advisory firms cash flow stream as opposed to the traditional method of security over assets.
MLC and Clydesdale Bank, both members of the National Australia Bank Group, say they are the first financial institutions to form such an alliance to offer a loan facility specifically for financial planning firms.
The loan facility will provide firms with the opportunity to borrow money to fund the expansion of their business either by management buy-out or acquisition.
MLC head of IFA distribution Peter Smith says: “It has long been an issue for IFA businesses looking to use debt financing for growth, that banks have not generally understood the IFA business model and the attractive revenue streams that a well structured one can generate.

We believe the MLC Strategic Partner Funding Program will be well received by IFA firms looking to use debt finance to grow their business as it is designed specifically with the IFA sector in mind and uses business cash flow as a key lending security.”


Defaqto executives could face fight to secure MBO

Members of Defaqto’s executive team look set to battle for control of the technology firm after receiving a 5m bid from a third party. The executive team are understood to be planning a management buyout, which is said to be imminent. International venture capital firm 3i has a 34 per cent stake in the business […]

Retirement Plus bolsters coverage

Retirement Plus has hired two senior relationship managers to bolster its regional coverage. Dawn Trustam and Roger Oldbury will be responsible for the Midlands and North Wales and London and the South-east respectively. Trustam joins from RBS and Oldbury joins from Zurich.

NU axes initial charges and boosts pension commission

Norwich Union is to scrap initial charges and boost commission in a bid to improve individual personal pension sales and switch its focus to higher-net-worth customers. The company revamped its pension strategy last October by writing all new pension policies under a single scheme and allowing customers to switch easily between products. Director of pensions […]


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