About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Thursday, November 21st, 10:39AM
rss
Latest Headlines

Advisers await information on AMP sale

Advisers are waiting for more detail on what AMP’s sale of its life business, and planned IPO of its wealth management arm, will mean for them.

Friday, October 26th 2018, 6:00AM

Wayne Smith, TripleA

The financial services provider revealed on Thursday that it had sold its insurance business to Resolution Life.

It was planning an IPO in 2019 of its New Zealand wealth management business, including its KiwiSaver and pension arms.

AMP has 250 advisers in its qualifying financial entity, 45 through AdviceFirst and also distributes through hundreds of other financial advisers.

Simon Manning, chief executive of the AMP Advisers and Adviser Businesses Association, said it was early days for advisers. They had received the details of the deal at the same time as the market.

“We had been expecting pretty major changes but we didn’t know the details… the life side of the business has been around for many years and that appears to no longer be the case. That’s quite a change for the advisers in our group.”

The wealth management business that went on to be listed would be the “remaining part” he said. “We’ll wait to see what the details are."

It was not yet clear how the advisers might deal with the newly-listed wealth business, he said.

It was also not evident how the distribution deal between AMP and advisers would be transferred to Resolution Life.

“We are very interested in that aspect of the arrangement. That’s a huge part of our member businesses. We expect an ongoing arrangement but we don’t yet know what that will be.”

Wayne Smith, of TripleA, said he did not think it would affect advisers much at all. Advisers in TripleA have less of the legacy book of business.

“It will be interesting to see what happens to the New Zealand operation,” Smith said. “From our perspective, nothing much will change.”

Tony Walker, of AMP Dynamics Financial Services, said he took the view that every change was an opportunity. “If it opens an opportunity, it’s got to be a good thing.”

Tags: AMP

« AMP 'workshopping' with advisers[The Wrap] Making sense of the AMP deal; Who should run CPD? »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Details confirmed for transitional licensing
    “And the other requirement is to have an internal complaint process as set out in the licence conditions. It’s good to see...”
    3 hours ago by Mr Slater
  • When is a client really a client?
    “And this subtle upgrade to the understanding of a complaint. Which changes the ISO definition from an expression of dissatisfaction...”
    3 days ago by JPHale
  • When is a client really a client?
    “Just released additional standards from the FMA. Record keeping potentially until 7 years after the death of the life...”
    3 days ago by JPHale
  • When is a client really a client?
    “@ReganT interesting that the two life advisers involved with the code working group discussion are the ones being argued...”
    3 days ago by JPHale
  • When is a client really a client?
    “In a previous reply I responded to the concept of payment as a trigger. I actually agree it’s not. While we don’t often...”
    4 days ago by regant
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 ▼3.89 ▲4.05 4.39
ASB Bank Special - ▼3.39 ▲3.55 3.89
BNZ - Classic - 3.55 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 ▼4.14 ▲4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▼3.39 ▲3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.34 4.02 4.09 4.39

Last updated: 21 November 2019 9:39am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com