AMP dealer group manager departs

A senior manager with AMP’s SMSF Advice licensee has left the group, following the revelation that Australia’s largest financial advice network has seen a dramatic reduction in adviser numbers.

SMSF Advice regional development manager Mark Hannan has left the licensee, multiple sources within the AMP network have confirmed to ifa.

Mr Hannan joined the dealer group in March 2012 and was a public advocate for the institution’s limited AFSL options, appearing in a number of online educational videos spruiking AMP’s licensing solutions. He was a practising accountant with Salomon Brothers in London before relocating to Australia and is a member of CPA Australia.

The departure follows ifa’s reporting that almost 30 SMSF Advice authorised representatives left the licensee in December 2016 and January 2017. A subsequent update to the ASX revealed that the network has seen almost 600 departures in total in 2016, including a 37.2 per cent reduction in the size of its SMSF Advice subsidiary.

One of the confirming sources said Mr Hannan’s departure was not precipitated by the departure of SMSF Advice reps, but rather the result of him being offered a work opportunity elsewhere. The source said that SMSF Advice managing director Stuart Abley would remain in the top job.

Speaking to ifa, an AMP spokesperson said the departure of Mr Hannan should not be seen as a sign of weakened commitment to the SMSF Advice brand.

“SMSF Advice remains an important part of our business and we continue to provide licensing to accountants who provide SMSF advice to their customers,” the spokesperson said.

The changes at SMSF Advice come as AMP moves to alter its approach to the classification of authorised representatives.

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