AMP overhauls advice business

*ORIGINAL STORY*

AMP has announced it has made several changes to its financial advice network, including integrating several advice businesses into one unit under the leadership of a new managing director.

In statement today, AMP announced a new operating structure that will see the establishment of a “dedicated governance function and independent boards for each licensee to help ensure a consistently high standard of advice across the network”.

AMP Financial Planning, AMP Advice, AMP Horizons and AMP Direct will come together as an integrated unit under the leadership of newly-appointed managing director Michael Paff.

In addition, a new Channel Strategy and Services team will focus on simplifying processes for advisers while driving innovation.

Meanwhile, Michael Guggenheimer has been appointed executive director advice, tasked with establishing the licensee boards and “continuing AMP’s focus on quality governance,” the statement said.

Hillross will be led by newly-appointed managing director Dean Thomas, while Neil Swindells has been appointed managing director of Charter.

Other appointments include Chris Digby as managing director of SMSF Advice and Jigsaw as well as Dave Akers as director, Channel Strategy and Services.

Jack Regan, AMP group executive advice and New Zealand said, “Our aligned advice network, the largest in Australia, helps customers across the country take control of their finances and achieve their goals.

“We are proud of the difference our financial advisers make to the lives of their customers and recognise the value of our Hillross, Charter, Jigsaw, SMSF Advice, AMP Financial Planning and AMP Advice businesses. Our simplified and enhanced operating structure will better support and grow this network.

“We’re excited for the future of our advice business and the changes we’ve announced today position us to continue our growth and support our advisers to make a positive difference to the lives of many Australians.”