AMP's Transition Showcases Adviser-Centric Rebranding Strategy

1

The rebranding, slated for announcement in the first quarter of next year, coincides with AMP's $10.2 million transaction of its licensee arm to Entireti—one of the pivotal moves stemming from the agreement. Lawler indicated that although 'NewCo' is a working title, the new brand must differentiate itself as AMP's identity shifts.

This transition encompasses more than a name change. In addition to AMP Financial Planning, NewCo will house Charter Financial Planning, Hillross, and Jigsaw—expanding the company’s network within the financial landscape. Besides, AMP's strategic sale aligns with its broader vision to enhance intra-fund advice capabilities for super fund members while retaining a core team of salaried planners.

The change follows AMP's sale of minority stakes in 16 advisory practices to AZ NGA for $82.5 million, as reported in _Professional Planner_. However, recorded separation and transition costs have arisen to a $36 million accounting loss, $6 million more than initially projected, significantly impacting the firm's 2024 financial results expected in February.

As part of its strategy, AMP plans to gradually reduce its 30% equity in NewCo by selling shares to advisers and management. AMP's CEO, Alexis George remarked, "We've been clear about offering the first 10 percent to advisers," indicating that engagement with the adviser community is not only pivotal but prioritized. "The sustainability of the entity will dictate this allocation," she added, demonstrating a clear focus on long-term stability.

A major aim during this transition is to minimize disruptions for advisers as the transfer to Entireti unfolds. George emphasized the importance of "making it easy for the advisers because they don’t want to be distracted from their real jobs," underscoring the effort to maintain seamless services.

The foundation of this advisor-centric approach involves active adviser participation throughout the eventful journey. "We’ve conducted several roundtables, thoroughly explored all options, and sought adviser input on their expectations," Lawler noted, emphasizing the consultative nature of the process.

This extensive collaboration between AMP and Entireti has showcased efficient teamwork and expedited operational progress, as evidenced by the quick turnaround from announcement to near completion. George paid tribute to this efficiency, saying, "Delivering before year’s end was pivotal; it reflects our commitment to partnership while working toward mutual success."

Adding to this sentiment, Lawler remarked, "Announcing on August 8 and now nearing completion speaks volumes about the collective effort. We’ve not only set a defined path forward but also crafted a clear vision for everyone involved."

Entireti's confirmed leadership team will feature Neil Younger at the helm as group CEO and managing director, along with Glen Castensen as COO and CFO, Daniela Mascarello heading Group Risk, Matt Brown leading Fortnum and Personal Financial Services, and Lawler operating NewCo. Their united leadership promises to steer this freshly minted entity into a prosperous future.

Published:Tuesday, 3rd Dec 2024
Source: Paige Estritori

Share this news item:

Finance News

Clear

Auditor Deregistered After Brite Advisers Collapse 30 Jun 2025: Paige Estritori The Australian Securities and Investments Commission (ASIC) has deregistered auditor David Makowa, previously of DM Advisory Services, due to his role in the downfall of financial advice firm Brite Advisers. This decision follows Makowa's acceptance of a court-enforceable undertaking in which he agreed to surrender his auditor registration permanently, pledging never to re-apply. - read more

US Involvement in Israel-Iran Conflict Sparks Financial Market Concerns 23 Jun 2025: Paige Estritori The escalating likelihood of the United States engaging militarily in the Israel-Iran conflict has raised alarm among investors, potentially leading to significant market volatility. This concern was highlighted by the global financial advisory firm, deVere Group, as tensions heighten in the Middle East. - read more

Global Markets Brace for Oil Price Surge Following US Strike on Iran 23 Jun 2025: Paige Estritori The recent US military attack on Iranian nuclear facilities has raised expectations of a significant oil price spike as global markets prepare to resume trading. Announced by former President Donald Trump, the attack marks an increased US involvement in the Middle East, which analysts believe could lead to heightened volatility across financial markets. - read more

Trump Mulls Change of Heart on Firing Fed Chair Powell 21 Jun 2025: Paige Estritori US President Donald Trump is once again contemplating the dismissal of Federal Reserve Chair Jerome Powell, whom he has criticized for not lowering interest rates. Trump expressed his dissatisfaction with Powell's decisions in a Truth Social post, suggesting he might change his mind about firing him. Despite acknowledging that his strong criticisms make Powell's task challenging, Trump remains focused on his agenda for reduced rates, especially with Powell's term set to end in May 2026. - read more

APRA Clarifies HELP Debt Considerations in Home Loan Assessments 20 Jun 2025: Paige Estritori The Australian Prudential Regulation Authority (APRA) has released pivotal updates to the Prudential Practice Guide APG 223 and Reporting Standard ARS 223.0, focusing on how Authorised Deposit-taking Institutions (ADIs) should integrate Higher Education Loan Program (HELP) debt into home loan evaluations. The changes are aimed at enhancing regulatory clarity and acknowledging the individual circumstances of borrowers, including the nuances of their HELP debts, without compromising prudent lending practices. - read more