AMPFP starts major advice revamp
Advisers with Australia’s largest dealer group, AMP Financial Planning (AMPFP), will be expected to offer clients new generic advice packages, designed by AMP management, by the end of the month.
Dubbed AdvicePlus Solutions, 10 separate, predetermined advice packages have been designed to fit common life events, which were determined based on the results of a consumer survey conducted by AMP in 2003.
The life events defined as critical included receiving an inheritance, changing jobs, being made redundant or having a child.
When the overhaul was first flagged in January this year, AMPFP managing director Greg Kirk described the packages as a “service which is packaged and has defined points, defined pricing and defined outcomes”.
An AMP spokesperson said seven of the originally planned 10 packages, including the ‘basic financial health check’ Turning Point, will be offered by the end of the month, with an extra three to be rolled out during 2006.
He confirmed that AMPFP advisers wouldn’t be forced to use the packages unless they chose to, or if their client requested one.
An advertising campaign informing consumers of the introduction of the advice packages, which was also flagged by AMP at the start of the year, has been put on hold until the packages can be trialled and evaluated.
AMP said a new pricing structure would be attached to the predetermined advice processes, but the spokesperson said details of pricing would not be released until the formal launch of the packages later this month.
Meanwhile, AMPFP has awarded nine of its planners $40,000 for innovation in areas such as practice management, community involvement and “excellence in serving clients”. AMP said the awards, which were a first this year, will be repeated annually.
Recommended for you
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
