AMPFP set to roll out new wrap and new image
AMP will pick a new wrap platform for its dealer group by the end of the first quarter of this year after having drawn up a shortlist, according to AMP Financial Services director of advice and services Steve Helmich.
While he would not disclose who was on the list, Helmich says it is down to five and AMP has requested the potential suppliers to send information regarding their offerings.
“We are looking for best of breed and I hope discussions are complete in this first quarter of the year,” he says.
This move follows on from AMP’s selection of two financial planning software providers — Moneywise and Visiplan — last year.
Helmich says 700 planners from AMP dealer groups have signed up for the Moneywise software and the rest have to make a decision on which system they will use by April this year.
AMP Financial Planning(AMPFP) managing director Greg Kirk says the company’s emphasis for the dealer group this year will focus on its ability to provide quality advice within the new open multi-channel distribution framework.
Since July 1 last year, AMP’s remuneration program is no longer connected to sales of its own products. AMP Henderson’s products only account for about 20 per cent of inflows, Kirk says. This compares to only 15 per cent of inflows going outside AMP in 1996.
Kirk says planners can sell any products on the approved list and remuneration is now linked to education levels of the planner and the quality of advice.
Kirk’s comments follow AMPFP’s announcement last week that it had created an elite planning group within its adviser network with those chosen for the new group said to be the best in the dealer group.
The new group, dubbed ‘Platinum’ will include those who show the highest standards of planning according to Kirk, with the planners set to receive higher levels of remuneration and in field support and a range of non-monetary benefits.
AMP now has almost 1850 planners in its three dealer groups and a new co-branding campaign for its advisers will emphasise AMP is the pre-eminent financial planning business in Australia.
“We will launch an advertising campaign next month that will emphasise the quality of advice given by AMP planners,” he says.
“The multi channel distribution is also giving a concept of independence among clients with a brand they can trust.”
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