AMP restructures advice business
AMP has announced a new operating structure for its advice business, including the merging of various units under a new managing director.
The announcement came at the heels of the firm’s 2016 financial year result in February, which revealed significant losses due to poor claims experience and a drop in adviser numbers due to new professional standards and education requirements.
AMP has announced it had brought together AMP Financial Planning, AMP Advice, its academic arm, AMP Horizons, and its funds management arm, AMP Direct as an integrated unit, which would be led by newly-appointed managing director, Michael Paff.
The firm would also establish a dedicated governance function and independent boards for each licensee, as well as a new channel strategy and services team to “simplify processes for advisers”.
Michael Guggenheimer had been appointed as executive director advice, whose role would include establishing the licensee boards and continuing the firm’s focus on governance.
Other leadership changes include:
- Hillross would be led by newly-appointed managing director, Dean Thomas;
- Neil Swindells has been appointed as managing director, Charter;
- Chris Digby has been appointed managing director SMSF Advice and Jigsaw; and
- Dave Akers has been appointed director, Channel Strategy and Services.
The AMP adviser network lost 570 advisers in 2017 from a total of 3,600 advisers at the end of 2015 after the firm tightened the classification of authorised representatives.
AUTHOR
Malavika Santhebennur
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
