AMP moves iPac to new business model

According to a statement, the new AMP Advice model is aimed at “creating a new customer experience and making goals-based advice more accessible to Australians”.

The business combines interactive technology with personalised advice. It also includes branded practices across Australia, where customers can identify their goals using the AMP Goals Explorer technology, the statement said.

AMP’s employed adviser licensee iPac is currently transitioning to the new model, with five locations now operating as AMP Advice.

In total, there are now 11 AMP Advice practices across Australia. AMP expects to have 20 to 30 practices transitioned before the end of the year.

ifa understands that AMP Advice advisers will continue to be licensed by iPac, but operate under the new brand.

AMP’s other aligned licensees, Hillross, Charter and AMP Financial Planning will continue to operate under their existing brands and structures.

David Akers has been appointed managing director of the AMP Advice business model.

Speaking to ifa, AMP group executive advice and banking Rob Caprioli said, “When we think of how rapidly society is changing… and the changing expectations that customers have, we see the need for goals-based advice becoming increasingly important."

“We have spent a lot of time talking to our advisers, talking to our customers, and looking at other industries to see how we can make this the core to an advice model - and that is what AMP Advice is all about,” Mr Caprioli said.

ifa reported in July that AMP launched a new online tool designed to promote its goals-based advice approach.