Australian wealth manager AMP to revamp financial advice model
07/26/2021 1:10
(Reuters) - Australia s AMP Ltd said on Monday it would move to a new form of financial advice model for clients, marking a shift in the troubled wealth manager s advice operations as it embarks on a demerger from its infrastructure and property units.
The move comes after AMP decided in April to spin off its asset management arm s private markets business and focus on its wealth management units following U.S.-based Ares Management Corp s failed bid to buy the whole company.
Under the new model, AMP will introduce a fresh service and fee structure for its clients and stop owning client relationships. It will instead release institutional ownership from AMP Financial Planning to advisers , it said.
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The AMP share price is trailing the ASX 200 by 60% over the past year
The financial giant has had its own annus horribilus.
Marc is a Master of Journalism and Communications student at UNSW and journalist at The Motley Fool. He has a passion for journalism and news with a keen interest in business, the media, politics, foreign affairs, and how they intersect in everyday life.
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AMP Ltd (ASX: AMP) share price is having a year to forget.
Over the past 12 months, shares in the financial institution have fallen nearly 40%. The