AMP splits adviser BDM functions

An AMP spokesperson has confirmed the company will make significant changes to its protocol and personnel for business development managers working with external financial advisers.

“We’re creating specialist roles aligned to our wealth management and insurance businesses, and bringing our broker and adviser bank sales teams together,” the spokesperson told ifa.

“In a market with increasingly differentiated offers, this will allow the teams to develop a deeper knowledge of their respective product areas and better support advisers and brokers.”

ifa understands that AMP will now maintain separate BDMs for its insurance and investment product divisions, where previously they have worked across both businesses simultaneously.

While the net size of AMP’s BDM workforce will remain the same, a number of senior distribution managers are expected to leave the company following the restructure. A number of new BDMs have joined AMP in recent weeks and months. 

Sources within AMP suggest the move is in line with broad industry trends towards greater product knowledge and specialisation, but it also comes as speculation is rife that the financial services giant may be looking to sell its life insurance subsidiary.

Yesterday, the Australian Financial Review reported rumours that Challenger is “running a ruler” over the AMP life business, considering a potential acquisition.

The AMP spokesperson declined to comment on the report, describing it as market speculation and rumour.

Challenger and AMP already have a commercial agreement in place, with Challenger annuities added to AMP investment and administration platforms in late 2016.