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
With Insignia shares up 32 per cent in the past month and the firm enacting a five-year growth plan, Morningstar believes the two recent acquisition bids from private equity firms demonstrate the company is undervalued.
As financial advisers enter the new year, Assured Support shares eight strategies to help advice businesses thrive through focused and consistent planning.
Insignia Financial has received a takeover bid from a second US firm, topping Bain Capital’s offer with a bid of $4.30 per share.
As the year comes to an end, Money Management takes a look at the biggest announcements that shocked the financial advice industry in 2024.
