MLC has acquired the remaining equity in Melbourne-based financial advice group Meritum Financial.

With the acquisition of Aviva in Australia, MLC held a minority stake in Meritum as part of that deal.

Speaking exclusively to insuranceNEWS.com.au, Meritum CEO Brian Dau says the group had the choice of either buying MLC out or selling to the NAB-owned financial services company.

“With all the regulatory changes coming in the future, we wanted to be prepared, and having a larger group to support us was the way to go,” he said.

“I think we have ended with the best outcome for the group.”

Mr Dau and GM Theo Christopoulos, the two founders of Meritum, will be staying with the group in their current role.

MLC has appointed former Aviva Executive Director of Distribution Stephen Trist as GM of Meritum.

The group will continue to operate as an independently managed dealer group within MLC and Mr Dau says the sale won’t change its operations.

Meritum now has more then 110 financial advisers and in excess of $45 million of annual life insurance premiums.