AMP transitions AXA Financial Planning to Charter
AMP is providing support to AXA Financial Planning practices in transitioning away from the AXA branding - a process which must be completed by March 2013.
AXA Australia and New Zealand's French parent retained the rights to the AXA branding following the group's acquisition by AMP last year.
A transition over to a Charter branding would be a natural fit because AXA Financial Planning and Charter have, for some time, shared services, including a professional development program, annual adviser conference and leadership group (for example, state managers), said the director of AMP's financial advice network (FAN) Andrew Waddell.
Practice terms and conditions and access to services would remain the same, and there has already been plenty of movement from AXA Financial Planning over to Charter in the past, he said.
However, practices would also have the option of adopting an independent branding or to adopt the branding from another group within the network such as AMP Financial Planning, with five branding options in total, he said.
Although the group is taking a "sensible and orderly" approach to the transition, the move should be completed by September this year - well before the March 2013 deadline, he said.
The FAN leadership team will be meeting with practice principals over the coming weeks to discuss the migration plan, including details of logistical and financial support, but practices can expect very little disruption to the business, Waddell said.
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.
