Started at AMP back in the 90's but after 7 years left as even back then the writing was on the wall.
Now a happily a self-licensed IFA with a successful business, an open APL, a wide number of non-remunerated professional referral partners, young planners under me and happy staff.
While I believe the initial training AMP provided was invaluable, I find it hard to fathom how any self-respecting professional with a modicum of intelligence could not have perceived the conflicts apparent back then as well as foreseen a future issue with how that organisation was set-up, especially with it's 'sales force' which is exactly what the AMP 'planners' always have been & will be.
From my experience, most of those AMP agents now complaining about the 'recent turn of events' were the old lazy ones who were happy milking the system with no thought to make changes themselves, or were too scared to take the step outside of the AMP corral for fear that they couldn't make a successful business outside.
I would hazard a guess that if you're a young planner who has come out of the academy, has good compliance and you're motivated and willing to work hard, then AMP will keep you on and honour any loans etc that may be in place. However of you are one of the old guard, who I know from experience were life insurance sales people sourced from being a butcher or truck driver or small town local alcoholic football bogan who knew a lot of people, then finally your time is up and probably not too soon either.
One particularly grumpy old AMP pusillanimous incumbent for the last 28+ years has whined like a pom about leaving AMP and how atrocious they are, but never has made any real effort towards this, especially as he is happily rarely ever at his office leaving two staff members to manage the multi-hundreds of 'clients', while living off monthly commission payments that keep rolling in no matter what little real work is produced or clients ever actually reviewed. You can't tell me that is compliant via BID or should even exist in this OASA or F4S world.
So no real pity or sympathy for these crusty old guys who have lived large expecting the money train to keep rolling on with a fat payout at the end; if they haven't saved enough for their own retirement outside of any business sale, as we advise our clients in the real world to, then they reap what they have sown.
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