About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Tuesday, July 23rd, 9:33PM
Latest Headlines

AMP advisers finally break free from the mother ship

Advisers aligned to AMP have finally reached an agreement to break free from their long-standing relationship with the company and have set up a new group.

Thursday, June 20th 2019, 6:00AM 1 Comment

Simon Manning

Under a new deal the AMP advisers who formerly were within AMP's QFE are setting up a new FAP (financial advice provider) which will be autonomous from AMP.

The FAP, Wealthpoint, will offer compliance and support services to independent advisers AMP no longer writes new life insurance business and it has sold its in-force book to ResolutionLife which intends to wind down the book.

AMP's adviser group, which operates under The Association brand, currently has about 58 AMP-aligned member businesses and 52 of them will shift to Wealthpoint. The businesses represent nearly 200 advisers.

The new agreements will see them operating as independents, with distribution agreements with AMP.

Wealthpoint will use an approved products list with suppliers selected by a product committee made up of adviser representatives and supported by independent specialists, when required.

New chairman David Gyde, of Amicus Financial Group, said this was a key part of the Wealthpoint offer. 

"Decisions in this area will be driven by advisers and for the best interests of advisers and their clients. Maintaining independence and being able to effectively manage potential conflicts of interest was critical to the group."

Wealthpoint will deliver business, compliance and support services to its members.

Each member business will hold an equal share and operating surpluses will be returned to them.

Simon Manning, who has headed The Association, has been appointed chief executive of Wealthpoint.

“Our key proposition is to support adviser businesses, and their advisers and staff,” he said.

“We’re all working in an industry facing unprecedented change and our proposal to form this entity was met with strong support from both our members and industry suppliers.”

Manning said it had been important to mobilise early to provide clarity and guidance through this challenging period. “We’ll take a lead on new industry compliance and conduct expectations but do so in a way that minimises disruption.”

Wealthpoint is already in talks with other adviser businesses about joining.

“We already have good scale, but we’re still interested in working with other advisory businesses as we see benefits in growth, building our national coverage and bringing in some fresh thinking. Most of our members are highly diversified in terms of the advice they offer and it’s a model we’ll continue to support.”

Wealthpoint will be overseen by a board made up of five adviser business principals.

It will apply to become a licensed financial advice provider later in the year but the initial offering includes X-plan hosting and a remuneration management platform.

New head of technology Peter Mangin said his role was designed to leverage the technology platform for members.

“Since we are in effect a start-up with minimal legacy systems, we have a great opportunity to build our offer using current technology. For example, since members will deal with around 50 different providers, our ability to provide consolidated remuneration management and reporting will provide operating efficiencies for members.”

Work is also under way on other services such as marketing.

Manning said that many of the other services currently offered by The Association, such as individual and business professional indemnity cover, centralised procurement arrangements and an adviser welfare function would be transitioned to Wealthpoint in time. Once that was done, he thought it was likely that The Association would be wound down and closed.


Tags: AMP

« FSLAA starts June 2020Transitional licensing 'a hurdle for small businesses' »

Special Offers

Comments from our readers

On 20 June 2019 at 11:33 am Richard Pykett said:
I'm sure the relationship was/is tired...

Sign In to add your comment



Printable version  


Email to a friend
News Bites
Latest Comments
  • Southern Cross limits trail commission
    “Had my letter today, and frankly, my comments could be described as scathing. When Southern Cross talks about no change...”
    12 hours ago by JPHale
  • AMP loses fight over KiwiSaver ad
    “the advertisement was not seeking to sell anything lol...”
    14 hours ago by all hat, no cattle
  • Make advisers discuss ethical options: Coates
    “There is so much I could say about this but reading the phrase “should be obliged” and the name “Green Party” really...”
    15 hours ago by John Milner
  • Make advisers discuss ethical options: Coates
    “This is a great idea. We should also make it compulsory that they raise eating (preferably healthy) and lifestyle practices,...”
    15 hours ago by Michael Chamberlain
  • Ideal client outcomes
    “If you want a world full of fuzzy thinking, of uncertainty of obligation and very broad liability, imposed at the subjective...”
    15 hours ago by Tash
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.69 4.35 4.35 4.55
ANZ Special - 3.85 3.85 4.05
ASB Bank 5.70 4.29 4.35 4.55
ASB Bank Special - 3.89 3.85 4.05
BNZ - Classic - 3.85 ▼3.79 4.05
BNZ - Mortgage One 6.40 - - -
BNZ - Rapid Repay 5.85 - - -
BNZ - Std, FlyBuys 5.80 4.69 4.59 4.79
BNZ - TotalMoney 5.80 - - -
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.60 4.75 -
Housing NZ Corp 5.80 4.69 4.49 4.45
HSBC Premier 5.89 3.79 3.79 3.89
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.60 4.60 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.65 - - -
Kiwibank Special - 3.85 3.85 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 ▼4.69 ▼4.79 -
Resimac 5.30 4.86 4.14 4.19
RESIMAC Special - - - -
SBS Bank 5.79 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 3.85 3.85 3.99
Sovereign 5.80 4.29 4.35 4.55
Sovereign Special - 3.89 3.85 4.05
The Co-operative Bank - Owner Occ 5.65 3.89 3.89 4.05
The Co-operative Bank - Standard 5.65 4.39 4.39 4.55
TSB Bank 5.69 4.45 4.35 4.55
TSB Special - 3.95 3.85 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.79 4.69 4.79 5.19
Westpac - Offset 5.79 - - -
Westpac Special - 3.85 3.85 4.05
Median 5.80 4.35 4.35 4.19

Last updated: 22 July 2019 9:19am

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%


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