MLC Wealth platforms deliver greater value for clients and members

Key Points:

• Launch of new Core Investment List featuring MLC’s high-quality Horizon, Index Plus and Inflation Plus portfolios on existing Series 2 Wrap with competitive administrative fee
• Price reductions for portfolios over $150k on MasterKey Super & Pension Fundamentals
• Clients to transition from legacy products to more contemporary MasterKey Fundamentals

MLC Wealth (MLC) has today announced a more cost-effective way for clients and members to access its high-quality investments through its Wrap and Navigator platforms.

Available from 20 April 2020, the new Core Investment List will enable clients to access MLC’s high-quality Horizon, Index Plus and Inflation Plus investment portfolios, at a competitive administration fee of $260 pa.

MLC Group Executive, Platforms, Darren Stevens said the competitively priced Core Investment List allows more Australians to access MLC’s powerful investment opportunities and multi-manager expertise.

“Ensuring clients can access innovative wealth solutions fuels our commitment to continually improve and enhance our proposition,” said Mr Stevens.

“The Core Investment List provides a simple fee structure while leveraging MLC’s scale and investment strength to deliver better outcomes for clients. Advisers want to offer clients cost effective solutions that consider their changing needs over time and this is reflected in our latest Wrap and Navigator changes.”

MLC will also be lowering fees for its MasterKey Fundamentals products to help drive improved outcomes for more than 58,000 clients and members.

From 1 April 2020, MasterKey Super and Pension Fundamentals will deliver more value for account balances greater than $150k. This move predates the planned transfer of all clients in legacy MasterKey super and pension products to the more contemporary MasterKey Fundamentals, and sets the stage for delivering greater value as clients save for and invest in retirement. The investment fee for all retail and wholesale MLC Index Plus options will also be reduced to a flat 29 bps from 1 April, benefiting some 40,000 retail and wholesale clients.

These changes build on MLC’s comprehensive price changes across its Wrap and retail MasterKey Super and Pension Fundamentals product announced in January 2019, which delivered administration fee reductions of up to 50 per cent. Since these changes, MLC’s Wrap has seen an increase in client and adviser use.

“Our decision to reprice in January last year was the result of intent listening to our clients and their advisers who told us they wanted more cost-effective solutions for managing their investments. Today’s announcement shows we are once again taking action to ensure we’re meeting their evolving needs,” said Mr Stevens.

“Our recent recognition as finalist in the 2020 Chant West Conexus Financial Super Fund Awards for MLC MasterKey Business Super and MLC Wrap is testament to the great experience we are delivering for our clients. We’re absolutely committed to offering contemporary wealth solutions that meet the evolving needs of clients. This requires an ongoing effort to deliver the best solutions – a task we remain excited about.

“We’ll continue to develop and invest in our platforms to maintain and future proof our platform offering, and we’ll be sharing more initiatives in the coming months.”