*ORIGINAL STORY*
AMP has announced it has made several changes to its financial advice network, including integrating several advice businesses into one unit under the leadership of a new managing director.
In statement today, AMP announced a new operating structure that will see the establishment of a “dedicated governance function and independent boards for each licensee to help ensure a consistently high standard of advice across the network”.
AMP Financial Planning, AMP Advice, AMP Horizons and AMP Direct will come together as an integrated unit under the leadership of newly-appointed managing director Michael Paff.
In addition, a new Channel Strategy and Services team will focus on simplifying processes for advisers while driving innovation.
Meanwhile, Michael Guggenheimer has been appointed executive director advice, tasked with establishing the licensee boards and “continuing AMP’s focus on quality governance,” the statement said.
Hillross will be led by newly-appointed managing director Dean Thomas, while Neil Swindells has been appointed managing director of Charter.
Other appointments include Chris Digby as managing director of SMSF Advice and Jigsaw as well as Dave Akers as director, Channel Strategy and Services.
Jack Regan, AMP group executive advice and New Zealand said, “Our aligned advice network, the largest in Australia, helps customers across the country take control of their finances and achieve their goals.
“We are proud of the difference our financial advisers make to the lives of their customers and recognise the value of our Hillross, Charter, Jigsaw, SMSF Advice, AMP Financial Planning and AMP Advice businesses. Our simplified and enhanced operating structure will better support and grow this network.
“We’re excited for the future of our advice business and the changes we’ve announced today position us to continue our growth and support our advisers to make a positive difference to the lives of many Australians.”
Anonymous is that really you? Make sure you brush your teeth and we’ll see you at dinner tonight. Mum is cooking your favourite, roast lamb!
Hi Mum and Dad
Isn’t it about time we stop institutions like AMP from rebranding, Charter, Hillross blah blah blah. Pretty sure if you walk into Charter your going to get AMP mynorth. You’re not going to be sold a BT product are you.
Well if you go to a Ford dealership you are going to be sold a Ford car not a Mazarati.
You clearly missed the point. If you walk into a Ford dealership, you know what it is, and what you’re going to get. A client walks into Charter or Hillross, they don’t necessarily know it’s just an AMP clone
Glad to see how AMP’s commitment to diversity and gender equality really works. To think, some people deride financial services as sexist and regressive
Great diversity at that leadership table – all middle aged men. Now wonder they named the restructure project “Project Alpha”. Not to despair though – the faces will change again in a year or two whilst the share price continues to flounder.
Good to see Neil Swindells back in a position of power. He’s just the sort of executive that AMP has been missing – one prepared to kick the wasp’s nest. He’s far from the blind followers that have traditionally drifted to the top in AMP but, despite possibly good intentions, held it back.
This overhaul will make it even easier for us to sell even more product, cant wait to see our new BOLR multiple. Its refreshing to see that the executives have their interests aligned with ours to ensure customers across the country take control of their finances and achieve their goals.
You are the sort of Advisor that has hurt this industry…..Customers don’t care about you selling AMP product or Buyer of Last resort. What a joke.
AMP has gone through two world wars, the great depression, with a strong bedrock of risk sales to strengthen our fiscal power. Your little tinpot licence cannot compete with our distribution channels. We have amazing support for our fees and a great research team to provide sound model portfolios for our advisers to recommend. Back down.
Come on, where else could I buy a book of business for 2x fully funded and then be guaranteed 4x BOLR. Hows your retirement strategy working for you?
Remember sarcasm?
I was hoping AMP Advice would be kept as a separate “premium” advice business. These changes don’t seem to have that objective in mind. So nothing to differentiate us in the minds of clients is how I am seeing it.
Make no mistake, AMP Advice (and to a lesser degree AMPFP) are the only dealer groups AMP is interested in. Further AMP Advice is miles away from a “premium” advice business, it’s no more than a franchisee model where AMP controls everything.
Don’t you mean “customer”.. AMP doesn’t seem to know the difference.
AMP have no idea how to treat premium clients and they are losing them in spades… AMP Advice was never geared towards premium clients.