Michael Guggenheimer
The enforceable undertaking of AMP Financial Planning (AMPFP) has prompted an evolution within the dealer group’s advice network in which growth has become its primary driver, according to managing director Michael Guggenheimer.
Guggenheimer believes there are real advantages for licensees who can best meet the challenges of growth in planner quality, productivity and numbers.
As such, the dealer group has implemented a number of changes focused on improving its advice standards, including revising its Professional Standards Manual, increasing adviser training and enhancing quality assurance on superannuation switching through an advice vetting process.
“We wanted to be sure in terms of the new standards we put in place that we were meeting those standards,” Guggenheimer said.
“So in relation to super switching, 100 per cent of our advisers who give advice on super switching need to have that advice vetted.”
As part of its growth strategy, the dealer group is also looking to increase paraplanner productivity and numbers, as Guggenheimer believes “the financial planner creates greater value in the interface with a client than in preparing a document”.
However, with more than 1,220 financial planners already, as revealed in Money Management’s 2007 Top 100 Trends Report, Guggenheimer was tight lipped as to what size he would like to grow AMPFP’s advice base to.
“Having numbers for the sake of numbers is interesting but not what we base our business on,” he said.
“We want to work on sustainability.”
In terms of the enforceable undertaking, Guggenheimer said AMPFP had just completed mailing the 1,500 clients involved, offering them advice and alternatives, and was now awaiting responses.
