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Latest Comments

‘You had an expectation that has changed’: AMP
"We haven’t done what others have done and just dropped them. That’s not our approach."
True?
What AMP seems to have done is:
Devalued practices to nothing?
Terminated practices looking after small value clients (after devaluation they don't have to pay those practices for their clients)?
Told terminated practices that their loans are still due (free clients and a loan to be repaid got to prop up the bottom line)?
And now that AMP has effectively taken over many small clients for free they will be offering these clients their in-house RoboAdvice product?
Oh, the empathy....?
Anti-competitive behavior?
2 days ago.
‘You had an expectation that has changed’: AMP
anonymous wrote:
Amicus certus in re incerta

i saw certus and incerta and thought maybe you meant to say inserere in tergo finem

i think that's what you meant right?[/quote]
anonymous wrote:
Amicus certus in re incerta

i saw certus and incerta and thought maybe you meant to say inserere in tergo finem

i think that's what you meant right?[/quote]

sure feels like it.
2 days ago.
‘You had an expectation that has changed’: AMP
In case you missed it, the "performance rights" for Francesco de Fiat were granted yesterday 12/09/2018.
See the ASX announcement - Replacement Recovery Incentive Award
Under Securities he now has 8,024,378 performance rights, up from 1,656,978
2 days ago.
Grandfathered revenue ban passes the House
Dear ASIC,

If I buy a general insurance policy from a Broker for my car, house or van, and the renewal comes around, does the Broker need to provide me with a ROE or whatever in order to get his 20% commission? Because I want my house covered without going thru all the BS again!!

Secondly, this comment ..."payments are not adequately disclosed to the client, in a manner that allows the client to make an informed decision."...
is questionable because I used to receive 2.5% annually of the premium and the client knew that. don't yours?

2 days ago.
‘You had an expectation that has changed’: AMP
Like a documentary where the jungle animals eat their young to survive. You knew it would happen, but you don't like it, you can't do anything about it, and it makes you feel sick.
2 days ago.
‘You had an expectation that has changed’: AMP
AMPs actions will make for a good university cased study on the psychopathic tendencies of CEOs but will do nothing for the AMP share price. How an organisation can eliminate any semblance of trustworthiness in one action and expect to survive is beyond me. They defend this in the name of disruption. What is their distribution plan ? AMP have an expectation that has spectacularly changed. Another good case study for a first year uni student.
2 days ago.
‘You had an expectation that has changed’: AMP
If there was any empathy or understanding then Wade & Ferrari would not be taking the action that they are. They obviously do not understand what they inherited in BOLR, yes it is higher than market value, but it is also a closed market to AMP planners due to the instituional ownership of the clients. AMP want to reduce BOLR but make no change to the client ownership. Unethical and immoral behaviour and with the stress that they are causing, there will be lives lost due to their decisions. Whatever option you take you still have to remain positive about AMP, all while they stick the knife in and and twist.
2 days ago.
‘You had an expectation that has changed’: AMP
Amicus certus in re incerta
[/quote]

i saw certus and incerta and thought maybe you meant to say inserere in tergo finem

i think that's what you meant right?
2 days ago.
‘You had an expectation that has changed’: AMP
Two questions for AMP
1. How does a narcissist show empathy?
2 Do you know what Tony Robins has to say about the word "Try"?
2 days ago.
AFCA to name and shame from October
I understand AFCA will be hanging around railway stations and shopping centres to encourage the community to make up claims about their dissatisfaction. I believe AFCA employs 800 people. Had an aristocratic grandfather who spent time in the Russian Gulags because somebody informed on him for reward.
2 days ago.
‘You had an expectation that has changed’: AMP
Much of the media is talking about the drop from 4x to 2.5x to reflect market value, but the issue is more complex than just adjusting to market value. And the value drop is much worse that 2.5x if there are grandfathered commissions as part of the Practice's client book, these have now been valued at 1.42x (I think) with a glide path that will reduce each month as they get closer to the removal of grandfathered commissions.

Many advisors that joined AMP, and bought a book at 4x, done so with the knowledge that they were effectively committed to AMP for their future in the industry (handcuffed), and restricted to an APSL that was 'AMP' when placing clients in platforms. If these advisors leave and sell their book back they cannot work in the industry for 3 years, and never actually hold ownership over their clients (terrible descriptor I know). Similarly the AMP HillRoss Advisors have different options, higher similar valuations on the book with handcuffs, or a similar market value with no handcuffs. AMPFP advisors didnt have this choice.

AMP Horizons pumped out many PSO's (Practice Startup Offers) where AMPFP would support building a new practice, where these advisors were told that they would pay 4x for the value of the book and would be given 4x on sale. On exiting Horizons they had to go stay with AMP (one year exclusion) and really didnt have much of a choice to go somewhere else (although some did). This PSO finance was protected by the BOLR policy that guaranteed a 13 month notice period so if the valuation of the book changed it gave the Practices enough notice if the time required it.

The protection afforded by this policy was what gave many new PSO's the confidence to put their family homes as security against the loans from AMP Bank that funded the book purchase. Now AMPFP has changed the terms effective immediately - the Practice's do not have the option to exit on old terms, or those that were due to exit in the coming months are now looking at the possibility of AMP taking their family homes due to the reduced value on the book / debt they have taken on. If this is not unconscionable conduct or unfair contract terms that small business is supposed to be protected from, or that the lender has improperly taken advantage of a power imbalance between the parties, I dont know what is.

There is also comment in the article that it was AMP that devalued the book – not the adviser. AMP's conduct pre and post Royal Commission has ensured that AMP Advisor's clients are leaving on mass, further devaluing their books. They have had no control over this and no influence on it, they are just paying the price for AMP, being AMP with no consideration given at all.

Mr Wade says that 'honestly, we are just focusing on going forward'. The AMP code of conduct is very clear on what is expected of their people and is I guess hope it to be the standard for its people for the future, but it appears that this code doesnt apply to AMPFP. The BOLR Policy is very clear on what AMPFP has committed to, and the actions of AMPFP's leaders Wade / Ferrari, is in clear contradiction to the Code of Conduct. If this is how the leaders act, what message does it give to the those under them when they consider how to apply to the code to themselves.
2 days ago.
‘You had an expectation that has changed’: AMP
I had a contract that AMP has changed
2 days ago.
‘You had an expectation that has changed’: AMP
NEVER EVER USE AMP Products.
Can't remember the last time our advisers did but our APL now has ALL AMP products on hold. (Which actually means never to be used).
Good luck flogging your dodgy AMP products via ROBO advisers.
2 days ago.
‘You had an expectation that has changed’: AMP
AMP GONE!!!
2 days ago.
AFCA to name and shame from October
AFCA ( ASICs no FACTs Complainant Authority)
2 days ago.
‘You had an expectation that has changed’: AMP
Now is good time to question the relationship between AMP and the FPA. Get off your butts and email the FPA about this relationship. Take note that "AMP is a proud member of the FPA professional partner program helping to shape the direction of advice in Australia" (in return for a nice little lump sum and a gravy train of members of course... Just how does a company that lies to ASIC 22 times shape the direction of advice in Australia? Do we really want professional associations representing product manufacturers?

Our brother and Sisters at AMP are hurting..,faced with this conflict who will FPA act for. AMP, Australians or the planner? I bet AMP.
2 days ago.
‘You had an expectation that has changed’: AMP
As someone who works in funds management, AMP never allowed our products on their APL. Massive conflicts and no client BID whatsoever. The industry needs to band together and support AMP planners. This is wrong. Will never (EVER) touch any AMP product again from banking/mortgages to any wealth management product.
2 days ago.
‘You had an expectation that has changed’: AMP
contract not expectation
2 days ago.
‘You had an expectation that has changed’: AMP
Another
Messy
Problem

Amateurs
Managing
Plebs

Always
Making
Predicaments

Amicus certus in re incerta
2 days ago.
‘You had an expectation that has changed’: AMP
Alex Wade, provide an example of how you are supporting anyone that you have terminated? Calling to check on their mental health and offering counselling through Converge is not supporting someone. Supporting would be helping them find options / solutions, not withholding information they have requested so they can make decisions and actually telling all Practices what your plans are so that they can ultimately work out what to do. Also, providing careers counselling so that those you have screwed over that have no option but to go BOLR can find new careers.

I believe your plan is to wait until after the 31 October to provide the "Preferred" practices any information about the future to ensure that none of them negotiate with the small practices. You have purposely ensured that no one wanted to merge or buy these practices so that AMP can have these planners exit under BOLR, further reduce the price in unethical BOLR audits and then have the clients for their own employed planners so you can offer your ROBO advice and products that will only be available to clients of employed planners. I believe you are restricting competition for your own advantage and as a result the ACCC should be stepping in.

BTW How exactly did you expect any practice to be able to negotiate with another practice outside the network to buy their business or merge in a 12 week period. 12 months should have been given to provide notification not less than 12 weeks.

In addition, you refer to other licensees giving no time for planners to move on. Other licensees didn't set a market value of 4x, lend to their practices on this multiple and then change valuations to 2.5 times, ultimately making it impossible for most to refinance. Other non AMP Practices had the options to move before hand so therefore knew what was available and also didn't have to refinance their loans to change licensees. AMP Practices on the other hand had never explored the outside market because changing licensees was never an option available to them.

I don't believe there would be a single planner with AMP who would want to stay with you right now.
2 days ago.

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