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“Every investment option should earn its place on the menu, and continue to justify its place through disciplined oversight, clear accountability and a focus on better outcomes for our clients.” Liz McCarthy - CEO, MLC Expand


When you’re building portfolios, access to a broad range of quality investment options matters.

In a market shaped by complexity, changing client needs and evolving risks, a carefully curated menu can provide valuable clarity and confidence.

That’s why every option on the MLC Expand menu is carefully considered before it’s included. Each option must earn its place and continue to demonstrate its value over time.

A menu built with discipline and purpose

Every option on MLC Expand undergoes a disciplined, multi-stage review designed to assess its quality, suitability and long-term relevance. This gives you confidence that the options available to your clients have been thoughtfully selected and are supported by robust ongoing oversight.

This process considers:

  • Testing – how do its fees, structure, investment merit and operational readiness support positive client outcomes?
  • Assessing – what role can it play within the broader menu and how can it enhance client outcomes?
  • Approving – does it meet our governance standards and strengthen the quality and breadth of the overall menu?

Once an option makes it onto the menu, it remains subject to ongoing review and oversight. That means each option:

  • Has a clear role and purpose in the menu
  • Is assessed on investment, product and governance factors
  • Must be practical and designed for real adviser and client portfolios
  • Must be reliable from a pricing, liquidity, valuation and operational perspective
  • Is continually monitored to ensure it remains appropriate over time
  • Is actively managed so changes can be made when needed to support strong client outcomes

What we monitor and how we respond

Each option is regularly assessed across performance, risk, cost, liquidity, manager stability and operational reliability. When circumstances change, our governance process helps ensure those changes are identified, considered and addressed.


We respond with care, discipline and purpose.

That may include undertaking a deeper review, engaging the investment manager, increasing oversight, refining access or removing an option from the menu where that’s the right outcome.

Every inclusion is carefully considered

If an option is not on the menu, it reflects our focus on the options we believe best meet our standards and support the needs of advisers and clients.

Every decision has one goal: supporting competitive, long-term returns for clients from their working lives through to retirement.

Our investment governance team brings more than 200 years of combined experience across 19 governance leaders, supporting disciplined selection and ongoing oversight of the menu.

In addition, our in-house Trustee Boards and Investment Committees comprise highly experienced independent non-executive Directors and Members who provide ongoing oversight and receive regular reporting on the menu’s composition and performance.

What this means for you

You can have confidence in the consideration given to each option made available on MLC Expand. The menu is backed by disciplined selection and ongoing oversight - giving you a stronger foundation for advice.

  • Confidence - knowing each option has been rigorously assessed
  • Clearer conversations with clients - supported by a well-considered menu and robust governance
  • Ongoing oversight - not just at selection, but over time
  • A menu designed to stand up to scrutiny - across performance, fees, structure and governance

Better choice starts with better scrutiny

A carefully governed menu helps support stronger advice conversations and better client outcomes.

We're here to help

To learn more, speak with your Business Development Manager, or email advisoryrelationships@mlc.com.au.