Most AXA practices signing welcome package
Amid continuing speculation that more of AXA’s practices are departing for MLC, it is understood that most of them have decided to stay, signing a so-called ‘welcome package’.
By signing the welcome package, most of AXA’s practices have agreed to receive volume bonus-type payments for three years under its value participation scheme.
The welcome package, which apparently comes with no additional conditions of commitment, also includes discounted business loans from AMP Bank, as well as enhanced marketing and education support.
Rumours about a number of AXA practices switching over to MLC have surrounded the AXA/AMP post-merger period, with a number of key executives also making the move.
Three managers from AXA’s senior ranks have moved to MLC and NAB Wealth’s retirement solutions team, after Andrew Barnett (pictured) moved over to head up the retirement solutions team.
The new team additions include Paul Stratton, Michael Tobin and Remi Bouchenez, who had until recently been members of the AXA North team.
Paul Stratton was head of platform development for AXA North and is now head of product operations for MLC’s retirement solutions team.
Former head of product development for the North platform, Michael Tobin, will perform the same role at MLC, while Remi Bouchenez, who was formerly risk manager for structured solutions for AXA North, will be the new head of financial risk management at MLC’s newly created division.
Executive general manager for MLC Investment Platforms, Michael Clancy said the company was pleased to have attracted the three new team members, adding the team’s main focus was on “building new products and solutions for the growing number of Australians moving from the accumulation phase of their working lives to the draw-down phase”.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
