AMP launches elite planning force
AMP Financial Planning(AMPFP) has created an elite force of advisers within its 1600 planner strong network with those chosen for the new group said to be the best in the dealer group.
The new group, dubbed ‘Platinum’, will include planners who show the highest standards of planning according to AMPFP managing director Greg Kirk, with the planners set to receive higher levels of remuneration and in field support.
The creation of the new group within the dealer stems from a major restructure of the AMPFP nearly a year ago in which advisers were offered higher remuneration linked to practice management
Under this model advisers are rewarded for the volume of sales they generate in terms of the number and size of commissions they receive while also being rewarded for adopting the AMP preferred dealer group model.
The model includes advisers assuming closer marketing and branding ties with AMP, as well as achieving set levels of competence in terms of compliance, business management and education.
In launching the Platinum group Kirk confirmed this was the case by stating the planners chosen were operating their practices “in line with the business principles AMPFP values, such as a strong client focus, business plans and succession planning.”
He says these planners would not only receive better remuneration and in field support but also a range of non-monetary benefits which in the restructure last year was identified as better prices for their business if they sell it to AMP through a buyer of last resort facility.
As part of the launch of the Platinum group AMPFP has also established a number of Business Practice Managers (BPMs) who will work with the planners on areas specifically related to practice management.
Kirk says this move is a departure away from just rewarding the biggest writers in the group and recognises those planners who are also successful business people.
AUTHOR
Jason Spits
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
