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AMP's advice reinvention project is 95 per cent complete, but after just nine days in the big chair new CEO Alexis George admits the once-storied division still has a way to go. ....
What AMP advisers took to the negotiating table What AMP advisers took to the negotiating table The head of the peak body for AMP planners has revealed details of discussions that took place behind the scenes as the wealth giant’s new management hashed out its “new era” financial advice model. A A The Advisers Association chief executive Neil Macdonald told ifa discussions between the adviser body and new AMP managing director of advice Matt Lawler – whose appointment was announced in May - commenced before Mr Lawler took up his position. “We had two or three meetings a week with the board to consult on the changes, and I think it’s fair to say what was delivered on Monday was significantly different to what AMP was talking about earlier in the year,” Mr Macdonald said. ....
New AMP managing director of advice Matt Lawler is under no illusion about the problems AMP has had, still has, and needs to work through. But the group has a special and historic place in the Australian advice landscape, he believes, and with the right direction it can once again be an industry leader again, even standing “shoulder to shoulder” with other licensee owners in lobbying policymakers and regulators for appropriate industry settings. “One of the reasons why I took this role is AMP is one of the only remaining iconic brands when it comes to advice,” Lawler said on Tuesday morning during a panel session at ....
Print AMP will be incrementally increasing its Australian financial services licence (AFSL) fee from 1 January, 2022, for 18 months as part of its new advice service model. Speaking at a media briefing, AMP managing director of advice, Matt Lawler, said there had been a reprice in the marketplace for AFSLs. “That repricing for risk and a repricing for the fact the economics of running an AFSL cannot and should not include product revenue,” Lawler said. “We’ll be transparent and competitive about those fees” Lawler said the fees would be phased over 18 months from 1 January, 2022, so the full impact of the fee would not be felt by advice practices until 1 January, 2023. ....
AMP refuses to speculate on adviser exits AMP refuses to speculate on adviser exits AMP has refused to be drawn in on speculation about how many advisers will opt to exit the company by year’s end, following news the wealth giant will cease buyer of last resort arrangements across its aligned network. A A Advisers – some of whom were terminated in 2019 – have until 31 December to exit alongside the cessation of client register buy-back arrangements as part of changes to AMP’s new advice model. Speaking on a conference call on Monday to coincide with the announcement, AMP’s head of advice, Matt Lawler, said though the company will not speculate on how many will exit, they remain confident all can be managed. ....