In a statement on their website, AMP Financial Planning announced it has re-designed its financial planning business package, which has been running since 2011.
Speaking in a webinar last week, AMP practice segments manager Chris Deakin-Bell said the updated offer provides financial advice start-ups with “a range of financial support and incentives”, including access to a partnership manager, financial support and a discounted client registrar.
“New advice businesses will have access to a partnership manager who will help them get established, navigate their way around systems and processes, set up their customer value proposition, set their pricing appropriately and connect with peers,” Mr Deakin-Bell said.
“Practices will also receive access to a registrar of clients who will be providing a recurring revenue of around $80,000. With our acquisition arrangements, practices won’t be needing to purchase the rights to these clients until 12 months down the track.
“Practices will receive around $22,500 dollars in set-up payments and IT subsidies. We’re also offering subsidies for things like professional indemnity insurance and AMP Financial Planning association membership as well as professional development,” he added.
Advice start-ups who align with AMP Financial Planning will also have their licensee fees waived in the first year and pay discounted fees for the next two years, he said.
“A lot of advisers need help in setting up their own business for the first time and tackling questions such as: how do you navigate your way around a licensee? How do you understand the different processes involved? How do you meet with peers and share ideas and insights?” he said.
“We’ve based this new offer on removing some of those pain points and addressing the main areas that advisers say they need help in.”
AMP Financial Planning said they are committed to the advice profession, passionately believe in the value of face to face advice and actively encourage more Australians to benefit from quality financial advice.
ASIC has recently banned two former AMP financial planners in separate cases for failing to provide appropriate financial advice and failing to act in clients’ best interests.
Whist it may be, on the front cover, an exciting start to a career, they do not mention that, predominantly, the books on offer are C and D class clients or this on orphaned registers.
AMP and its institutional offering is to be avoided at all costs, if you are desperate then go ahead, but this will be to the detriment of the gullible adviser. You are locked into a system which is 20 years out of date and dependent on its BOLR offering, there is nothing else to attract. Many are locked into this system with no way of escape.
Start your business with a six figure entry into your soft dollar register – magnificent way to start your business.
Four words.
DO NOT DO IT!!!!
Agree with what Adam said, you’ll be giving up your soul and the sole of your foot.[c[s[size=16px][/size]ize=24px][/size]olor=blue][/color]
Sign up and sell your sole. There is no exit once you are in AMP. They are great at attracting young advisers that dont yet understand the industry.
You have a sense of humour Own Tomorrow – different words but the same old offer. They have been offering this for years. What I find of further interest is that the “new” offer certainly does not look like it supports a client centric planning model because the only way a manufacturer / distributor can offer the discounts they suggest is for the adviser’s commitment to sell only the manufacturer’s product. It would be interesting to see their financial modelling for a new practice. Its this sort of stuff that cast suspicion on good advisers and the industry in general.
so how exactly is this different to what they offer now, everyone knows AMP is only interested in advice in the context of product sales
Same leopard with the same spots