AMP Advice practices within NewCo will continue to be licensed through existing arrangements and supported by Entireti Services.<\/li>\n<\/ul>\n\u201cThrough this partnership Entireti Services will become Australia\u2019s largest financial advice business service provider, with over 1,300 advisers, and the NewCo joint venture will benefit from the scale efficiencies of this operating model,\u201d it states.<\/p>\n
As to the AZ NGA acquisition of AMP equity holdings, AMP says the initial focus of the partnership will be on a seamless transition that maintains the current service proposition for AMP advisers, supported by continuity of AMP management and their adviser community.<\/p>\n
\u201cIn time, advisers will also benefit from new services and technology backed by Entireti\u2019s \u2026 expertise and their growing scale.”<\/p>\n
For AMP Advisers<\/strong><\/p>\nAMP says that together the three companies will deliver a model with economies of scale, capital to support practice growth and succession, and dedicated services and technology backed by Entireti\u2019s and AZ NGA\u2019s expertise and commitment to advisers and their clients.<\/p>\n
…a priority for the partnership is to minimise any disruption for advice practices…<\/p><\/blockquote>\n
It says a priority for the partnership is to minimise any disruption for advice practices. The partnership is committed to:<\/p>\n
\n- No changes to the terms or conditions for Advice practices as part of the transition to the new ownership, including professional service fees, for a period of at least two years<\/li>\n
- Transition of key management and employees from AMP to support the new entity<\/li>\n
- Financial support to practices to minimise impact of transition<\/li>\n
- Opportunity for advisers to acquire equity in NewCo in the future<\/li>\n
- Working actively on service and technology innovation to continue to enhance the offering for advisers and promote growth<\/li>\n
- Capital support for growth and succession planning<\/li>\n<\/ul>\n
Transforming Advice<\/strong><\/p>\nAMP says the partnership will transform the advice industry landscape in Australia by creating the largest advice business services provider, combined with flexible capital support.<\/p>\n
As previously flagged, AMP has been considering various strategic options for AMP Advice and it notes one of several key benefits is that the partnership limits future risks for AMP that are associated with running a large advice licensee.<\/p>\n
AMP CEO Alexis George<\/strong> says that AMP has been dedicated to creating a new model for its advice business to provide certainty for AMP advisers and people.<\/p>\n\u201cWe believe this partnership achieves our goals and is the right strategic fit.”<\/p>\n
She also points to the significant progress the company has made in transforming AMP Advice into a sustainable, standalone advice business.<\/p>\n
\u201cWe are committed to supporting advisers through this transition and enabling them to enhance their value proposition for clients.\u201d<\/p>\n
Importantly, AMP quotes the Advisers Association’s Neil Macdonald<\/strong> as seeing this as a positive outcome for its members, who are all AMP advisers \u201c\u2026providing them with a clear and sustainable path forward, with partners that are committed to advice and helping more Australians get the quality advice they need.\u201d<\/p>\nEntireti Group CEO and Managing Director Neil Younger<\/strong> says the firms are \u201c\u2026creating a formidable partnership and an icon of excellence in financial advice.”<\/p>\nThe transaction is due to complete by the end of 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"
AMP has announced a new strategic partnership and ownership structure with Entireti and AZ Next Generation Advisory for its AMP Advice business, saying the partnership will create a sustainable business model for AMP Advice \u201c\u2026at the same time transforming the advice industry landscape in Australia.\u201d AMP says Entireti (formerly Fortnum Private Wealth) will acquire AMP\u2019s […]<\/p>\n","protected":false},"author":24,"featured_media":72757,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,6],"tags":[],"class_list":{"0":"post-72752","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-company-news","8":"category-dealer-groups"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/72752","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=72752"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/72752\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/72757"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=72752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=72752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=72752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\"\"](\"https:\/\/riskinfo.com.au\/news\/files\/2023\/09\/Alexis-George_2023-scaled-e1694749443661-249x300.jpg\")
<\/a>