An AMP spokesperson would not comment on the contents of the letter, but the spokesperson told ifa that it was sent to the website’s registrant.
“AMP will always take the steps necessary to protect against any misleading claims,” he said.
While the website, titled ‘Say NO to Amp Horizons Financial Planning Academy’, is no longer live, ifa was able to retrieve a cached version online. Its URL, amphorizons.com, was similar to the official amphorizons.com.au.
The page was meant to dissuade people from joining the academy and listed eight reasons for not doing so, including not receiving any industry qualifications and being trained by people with lack of industry skills. It claimed the reasons posted were the “opinions of one person and are intended to give a different perspective on the program for those considering joining it”.
Other reasons given on the site for not joining the program included “you will be required to go to extraordinary lengths to reach clients” and “you mostly learn how to sell AMP products”.
The site also alleged that two clauses in the contractual obligations specified “you may not work in the industry for up to six months after leaving AMP Horizons” and “if you do leave or are terminated before the end of your contract you are liable to pay them back for $10,000 worth of training”.
The AMP spokesperson would neither refute nor verify the substance of these allegations. However, he noted “we take any allegations and concerns related to the operation of our businesses very seriously”.
“AMP Horizons is an award-winning program that is recognised as an industry leader in the education and development of financial advisers. Since its inception, Horizons has established a strong track-record of graduates who’ve gone on to successful financial advice careers,” he said.
Surely it should be no surprise to anyone that a paid training program run by AMP has an AMP focus, and they would expect you to stick around for a while to get a return on their investment? Did the disgruntled people behind the website fail to read a simple contract?
As for switching clients into AMP products, AMP planners can’t do it unless the client is better off as a result. AMP compliance has been very strong on this for many years, and now the law prevents it too. Many of AMP’s products released in the last 5 years are actually much better than the competition, including union super products.
What hasn’t been mentioned, is the underlying trap in the Horizons program of enticing new planners to purchase the discarded “D” clients of established planners for a grossly inflated price, to prop up the AMP BOLR ponzi. I wonder if that was on the website?
The claims are true… but embarrassing for AMP… and everyone knows that.
Having been through the Horizons program in 2009 I can confirm most of what was said. However I can also point out that it was very useful and an excellent platform to launch my practice. I knew it had too much “AMP” content and only stayed long enough to cement the foundation my business. No regrets in joining Horizons or leaving AMP.
From what I read it coincided pretty well with what I have been told by people who have been exposed to the program… I have never worked for AMP though..
Just the old roll over your super to AMP and dump as much AMP insurance in there as possible ‘advice’.
Didn’t I read this yesterday?
So what exactly was said that is incorrect?
Are they lies? Or worse still, is it the actual truth AMP seeks to shut down?
Im not employed by AMP but I know people who have been through Horizons. No program is ever perfect but Horizons has given many planners the sound base, habits and attitude to survive the very hard early days and if they have the commitment then grow. You have to bear in mind that Horizons is for new people coming into the industry. It would be some years before any new entrant could put their hand on their heart and say that from day 1 they have the skills and knowledge to hold themselves out as independent so does it matter if they have to sell AMP product in the main – I think not for the protection of professionalism of true independents.
AMP has its problems but give credit where credit is due that they put the time and effort into helping people join our industry – its a lot better approach than a 4 week training course in a bank and then “go get ’em”.