AMP Financial Planning seeks partnerships with advice start-ups

In a statement on their website, AMP Financial Planning announced it has re-designed its financial planning business package, which has been running since 2011.

Speaking in a webinar last week, AMP practice segments manager Chris Deakin-Bell said the updated offer provides financial advice start-ups with “a range of financial support and incentives”, including access to a partnership manager, financial support and a discounted client registrar.

“New advice businesses will have access to a partnership manager who will help them get established, navigate their way around systems and processes, set up their customer value proposition, set their pricing appropriately and connect with peers,” Mr Deakin-Bell said.

“Practices will also receive access to a registrar of clients who will be providing a recurring revenue of around $80,000. With our acquisition arrangements, practices won't be needing to purchase the rights to these clients until 12 months down the track.

“Practices will receive around $22,500 dollars in set-up payments and IT subsidies. We’re also offering subsidies for things like professional indemnity insurance and AMP Financial Planning association membership as well as professional development,” he added.

Advice start-ups who align with AMP Financial Planning will also have their licensee fees waived in the first year and pay discounted fees for the next two years, he said.

"A lot of advisers need help in setting up their own business for the first time and tackling questions such as: how do you navigate your way around a licensee? How do you understand the different processes involved? How do you meet with peers and share ideas and insights?” he said.

“We’ve based this new offer on removing some of those pain points and addressing the main areas that advisers say they need help in.”

AMP Financial Planning said they are committed to the advice profession, passionately believe in the value of face to face advice and actively encourage more Australians to benefit from quality financial advice.

ASIC has recently banned two former AMP financial planners in separate cases for failing to provide appropriate financial advice and failing to act in clients' best interests.