Alex Wade has been appointed to AMP’s group leadership team as group executive, advice, effective 7 January 2019.
Mr Wade will report to AMP chief executive Francesco De Ferrari and will lead the continuing transformation of AMP’s advice business.
Mr Wade will succeed AMP group executive, advice and New Zealand, Jack Regan, who will retire from AMP after nearly 20 years.
David Akers, who has been AMP’s acting group executive, advice, while Mr Regan has been on extended leave, will work with Mr Wade to transition responsibilities and will return to the advice leadership team. Blair Vernon will continue as managing director of New Zealand.
Most recently, Mr Wade served as the head of developed and emerging Asia for Credit Suisse Private Banking. He has been with Credit Suisse for 12 years, holding other roles such as chief of staff for Asia-Pacific and head of private banking Australia. He has significant experience in financial services in Australia, Singapore and Hong Kong.
“Alex is a talented leader and strategic thinker, who will bring valued experience and relationships to AMP’s advice business. The financial advice industry in Australia is in the process of renewal, and AMP and Alex will play a prominent role in driving this change. We firmly believe that financial advice is essential for helping people manage their finances, and plan for retirement,” Mr De Ferrari said.
“I offer the warmest thanks to Jack Regan for his commitment to our advisers, customers and employees over his long service at AMP.
“After 10 years leading AMP New Zealand, Jack took on the group executive, advice and New Zealand, role in 2017, bringing his deep understanding of the advice industry to improve the governance and controls of the business. Jack is greatly respected across the advice industry and retires with the best wishes of everyone at AMP, including the many advisers across our network.
“I would also like to thank David Akers for taking on the role of acting group executive, advice, this year.”
Mr Wade noted that although the industry and AMP have faced scrutiny this year, AMP advisers “have a long history of helping and supporting people across Australia plan their financial lives and achieve their personal goals”.
“The industry is changing for the better and it is committed to reaching new, higher standards of professionalism. AMP has been proactively transforming its business and developing new systems and technology to improve the advice process and strengthen governance, compliance and controls – all which results in an enhanced advice experience for customers,” he said.
“I am looking forward to meeting and getting to know our advisers, and working with Francesco to drive further change.”
Hit the road Jack, and don’t you come back no more no more no more no more
New captain of the Titanic.
Pointless appointment as my prediction is, AMP will not survive. How can it? Up for a $Billion in payouts and compensation and the brand is totally tarnished.
Clients leaving in droves and who will want to deal with them, no advisers and they have sold their core business. What’s left of the carcass might be picked up by another player at a bargain basement price.
So it’s hardly a startling prediction.
Been short AMP since $5 and will ride it down below $2.
Its clear the ‘bull case’ sum of all parts valuation is just bollocks due to the huge discount they just copped on their life business.
Nobody is going to want wealth management, its a ticking time bomb, and the AMP Bank/Capital dont justify anywhere near the current market cap.
Might as well as hired a Horticulturalist – same amount of experience in Financial Planning.
Yes, and that will be his (and their) undoing! Another “Exec” with no FP qualifications or experience. Not a chance of making that appointment work.
Try saying this with a straight face in regards to Jack Regan “bringing his deep understanding of the advice industry to improve the governance and controls of the business”.
A Banker that is a talented leader and strategic thinker ? Does this raise any alarm bells with anyone else? Currently we are seeing plenty of THESE strategic thinkers in front of the commission. Is it not time to give the industry back to those that know and understand the industry.
Grumpy, I think you are on the money here. AMP had a recent history of bringing in ”leaders with banking or finance background whilst overlooking experienced leaders in financial services (superannuation / insurance / investment / advice) and look at where that has got them.
True, but as soon as they announced Murray as Chair it was clear they have no interest in getting better or evolving. They just want to keep kicking the can down the road, hanging onto vertical integration etc for as long as possible.
Reality, yes Murray was an interesting appointment and agree with what you wrote.
Deep down with all the turmoil they needed an experience, very well connected, Chair appointed ASAP and he was probably pretty much the only option.
Amp has a long tradition of ……………….??/
Leading the advice business, what advice business?
I suspect jack showed more commitment to his bonus than his advisers and customers.
What could possibly go wrong?
Might as well keep the job ad up on Seek, AMP.
i got an offer on linkden from them for a job, ummmmm no thanks.
You don’t get job offers on linkedin, companies pay to advertise jobs and they show up in your feed but worth making yourself seem important..