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AMP is undergoing a significant transformation, with a forthcoming rebrand of AMP Advice and AMP Financial Planning.
Spearheaded by Matt Lawler, now CEO of what is tentatively called NewCo, this transition includes working closely with advisers to ensure their voices are essential in shaping the future of the brand.
"This process is set to be particularly democratic," said Lawler, highlighting the collaborative approach.
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.
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