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As a person who has been involved with AMP for over 40 years firstly with life insurance and subsequently with superannuation I am totally dismayed by the total lack of empathy towards their former financial planners. As a client of one of these effected planning groups I can only shake my head in disbelief at the people at the top who have not yet realized the full impact on each and every planner effected.
I also am not aware if they understand the impact this act has on the thousands of clients these planners had, the trust and report I had with my planning group has been broken. Understanding the full impact on their lives, the financial and emotional effect on their families can only be imagined. Of course not being fully compensated for the work they have done for both client and master is incomprehensible. And the final straw is the preclusion to work in the financial planning industry for 3 years seem a very harsh in the extreme, one assumes this is self preservation by AMP so as not to loose more clients. Unfortunately it will drive clients away taking their money with them.
I understand the legal requirement of employment (contract) with AMP would require the financial planner to sign and agree to these terms, but are not contracts a two way street. Were AMP bound by the terms of agreement to give 13 months warning to the said planners. If so in doing this (13 month warning) has not AMP breached its contract with the planners therefore if cannot enforce a no 3 year planning clause against them.
Because of the age of my investment setup and associated Centrelink benefits I may well have to stay with a now pre allocated investment group but trust me I am looking at further advice on ways to minimize my exposure to AMP product in the future.
Good luck with the class action in the future, full payment would be a good start and then of course the ability to satisfactorily exit your ongoing business commitments. To work in your chosen profession should be a given if you feel that you can trust the system again.