The finance company AMP (ASX:AMP)
has announced the introduction of a new service model that aligns with its advice network. The new model further prioritises clients with AMP providing services to advisers, which supports the delivery of quality advice, improved practice efficiency and help for advisers to grow their businesses.
Developed in collaboration with AMP adviser associations, the new model will be progressively introduced, giving advisers increased choice, flexibility, and transparency with how they partner with AMP and how they continue to operate their business.
AMP's approach entails a new service proposition and fee model for advice practices, a release of institutional ownership with the ability to transfer clients out of the AMP network and conclusion of client register buy back arrangements from 31 Dec 2021.
While further advice practice exits are anticipated before the conclusion of buy back arrangements, AMP’s current expectation is these commitments will be covered by the existing provisions and capital allowances as part of its Buyer of Last Resort program.
Managing Director Matt Lawler said, “these changes represent a new value proposition to our financial advisers, one that is centred around us being a professional services provider to quality financial advice practice."
Shares in AMP (ASX:AMP)
are trading 0.5 per cent lower at $1.085.