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AdviceFirst on the block

Change is on the horizon for AMP advisers.

Monday, November 26th 2018, 6:00AM

AMP has confirmed that its AdviceFirst adviser group will be sold as part of a planned IPO next year. The group is made up of 45 advisers.

Without a buyer found for the Kiwi wealth business, the financial services provider is opting instead for a sharemarket listing.

The IPO, subject to market conditions and regulatory approvals, would include AMP’s KiwiSaver, corporate superannuation, the investment business, AdviceFirst and other distribution agreements such as AMP general insurance.

A decision has yet to be made on whether to list on the NZX alone or consider a dual-listing with the ASX.

It will not include AMP Capital.

AdviceFirst advisers deal in both insurance and investments.

Their life insurance products will already have changed hands with the sale of the AMP life business to Resolution Life.

Simon Manning, head of The Association, which represents AMP adviser businesses and AMP advisers, said there had been a serious of workshops and roadshows held over the past three or four weeks for advisers.

“It’s a quickly developing story.”

He said all parties were keen to work together “to find a way forward” and Resolution had made it clear that it wanted to be in the New Zealand market for the long-term.

He said advisers were feeling more positive about the deal as more details emerged. "[Resolution] wants a sustainable business. That's the message we are getting and that's good news for everyone."

Tags: Advice First AMP

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