AMP adds solutions for self-licensed advisers

AMP has announced it will be “evolving” its advice offering for self-licensed advisers, with its Jigsaw Advice Solutions building on the “existing infrastructure in place for AMP’s internal licensees” to support the practices and advisers who operate under their own AFSL.

According to AMP, the “revamped” offering from Jigsaw will support practices in managing their core licensing obligations, while also providing add-on solutions ranging from AFSL setup, revenue management and processing, and cyber protection, through to AMP’s Spark business consulting services.

Jigsaw has been around since 2002. Speaking to ifa last month, Matt Lawler, AMP group executive, advice, said that while the wealth manager has full intention to continue to invest in its licensee business, it also intends to support those choosing to self-licence.

AMP recently settled a class action brought on behalf of certain advice practices authorised by AMP Financial Planning Pty Limited (AMPFP) as of 8 August 2019.

Following the settlement, Mr Lawler exuded a sense of relief and optimism for redemption in the future.

“Over the last two years, we’ve worked really hard to improve the services to advisers and work with advisers on the services they value, and we’re getting great feedback from advisers more broadly,” Mr Lawler said.

“But we always had this looming issue around BOLR, which was a historical issue, it was before my time back in 2019, but we had to deal with it. We’re really pleased that the outcome we got yesterday was that there is an agreement to move forward.”

With this latest announcement, AMP has made its intention clear: to improve its relationship with advisers.

Expounding on Jigsaw’s revamp, Mr Lawler said: “As the operator of one of Australia’s largest licensee networks, we understand what advice practices are looking for to operate profitably and compliantly under a corporate license.

“As the operator of one of Australia’s largest licensee networks, we understand what advice practices are looking for to operate profitably and compliantly under a corporate license,” Mr Lawler said.

“We also understand many advisers are looking to run their practice under their own license so we’ve packaged our services and capability into Jigsaw Advice Solutions, which we’re confident will benefit the growing number of self-licensed financial advisers.”

Looking at the areas that the Jigsaw services are focused, AMP cited the Investment Trends 2023 Adviser Technology Needs Report, which found that almost 20 per cent of advisers would be prepared to pay for aged care modelling as an add-on service to improve the quality of their advice offering to clients.

The report also found that almost one in three would be prepared to pay for retirement planning tools as an add-on service, the same number would pay for cash flow modelling support, and more than 70 per cent for cyber security protection in the form of greater support on multi-factor authentication.

Michael Williams, AMP head of Jigsaw Advice Solutions, said: “Over the last two years, AMP Advice has worked closely with practices, both aligned and self-licensed, to develop an offer that supports them to confidently deliver best-in-class advice to clients whilst improving the economics in their business.

“Scale will be an important differentiator into the future for advice practices and our enhanced Jigsaw Advice Solutions will support self-licensed practices in accessing high-quality solutions at a competitive price point.

“By extending our Spark business consulting services through Jigsaw in addition to our range of value-added services, we are providing more practices with the support they need to achieve their business ambitions – be that growth, efficiency or exit.”