AMP flags significant advice strategy update
AMP has signalled the degree to which it is streamlining its financial advice business by shifting from in-house service provision to outsourced arrangements, where necessary.
At the same time as announcing it would be ceasing in-house paraplanning and recruitment services from 20 November, it outlined what it described as a “services-led approach”.
The messaging, contained in a communication from AMP managing director, business partnerships, David Akers also pointed to the company giving a more significant update of its advice strategy next Wednesday.
His communication to advisers spoke of “designing a services-led advice business, focusing our investment on services and support that are most utilised and valued by the majority of the network, either delivered by AMP or sourced from the wider market”.
The communication also pointed to the employment implications of the move to largely outsource paraplanning and recruitment services by referencing the personnel who would be impacted.
“There may be changes within some of the teams that you deal with, and we are providing support to those of our people who are impacted,” Akers said. “This is not a reflection of the quality of these teams, who have always remained dedicated to delivering for you.”
The communication of the outsourcing of paraplanning and recruitment services by AMP came just after AMP announced it would be expanding its life insurance approved product list (APL) and expanding use of the APL across all its financial planning licensee businesses.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
