MLC, the wealth management division of the National Australia Bank (ASX: NAB), today announced the purchase of the remaining equity in financial advice business, Meritum Financial Group.

MLC acquired a minority ownership stake in Meritum as part of its acquisition of Aviva Australia in 2009 and has now increased its ownership to 100 per cent.

Richard Nunn, MLC's Executive General Manager of Advice & Marketing said, "Bringing quality financial advice to more Australians is an important component of MLC's overall growth strategy and we are focused on attracting advisers to our network through support and investment.

"We are very pleased to be adding Meritum to our network of aligned advice businesses."

Stephen Trist, formerly Executive Director for Distribution and Marketing at Aviva Australia, has been appointed to the role of General Manager, Meritum and Meritum founders Brian Dau and Theo Christopolous will continue in their current roles.

Mr Trist said, "Since our initial investment in Meritum, our two businesses have worked closely together. Like MLC, Meritum provides significant support to its advisers and their clients, and favours a conservative and client centric model.

"Having Brian and Theo committed to the group for the long term is also a great outcome. They bring continuity to the business and will be instrumental in maintaining the adviser service culture that Meritum is known for.

"The support of MLC will be important over the coming years, particularly in light of the upcoming period of change facing the advice industry. MLC brings both resources and expertise to the table and will help ensure Meritum remains a force in the advice market," added Trist

Meritum was established in 2003 and has over 110 financial advisers across the country. It has more than $3.5 billion in funds under management and in excess of $45 million in annual insurance premiums inforce.