AMP Limited has hit another advice road bump, confirming that it has had to revert to its old platform for handling financial adviser continuing professional development (CPD).
The company has confirmed to Money Management that it has delayed the roll-out of its new CPD/learning management system and reverted to its old platform known to advisers as *[email protected].
The new platform had been aimed at adviser’s CPD obligations were calculated appropriately against the new standards imposed under the Financial Adviser Standards and Ethics Authority (FASEA) regime.
Money Management understands that the pre-existing portal was taken down from service on 30 August to allow a transfer to the new platform but that the it had become beset by problems and delays.
A number of AMP advisers told Money Management they had been concerned that the problems would hamper them in meeting their CPD obligations to FASEA.
They acknowledged that, while ultimately, it was the responsibility of the adviser to keep accurate records there had been reliance on AMP with respect to AMP-based webinars, Professional Development days and other training.
AMP is now expected to continue with its reliance on the old platform and move gradually to bring the new regime on line.
Comments
This is one of the core obligations of a licencee. A critical system.
Shareholders believe robo-advice will be a success?
Yes Robo advice is the future. The human advisers made a mess of everything. Replace with Robo advice. Less errors and savings in labour costs = great profits which means I will get a better dividend.
Robo Advice also has no issues with CPD points
The advisers were to smart for their own good. Too stingy and lazy to pay someone on airtasker to do cpd points
interesting thoughts shareholder. "Human advisers made a mess of everything?" you not controlling your diet of information well. 2 robo advise business are in news today shutting down due to conflict of interest i read. They noted it wasnt commercial to continue to meet ASIC's requirements and with both outlets, it was about one financial plan per day jointly, or 0.5 each. hardly going to set the world on fire. Maybe stick with your AMP shares mate, someone needs to hold the losses.
Remember the Royal Commission!!!
You financial planners with your dodgy advice have destroyed shareholder wealth at AMP. It is hundreds of millions of dollars and counting in remediation costs
Robo-advice has no compare. Millennials, tradies, gays, our first australians, refugees and immigrants hate human financial planners. The future is ROBO-ADVICE
You can not stop the rise of the machinesm
Not sure if satire posting or not but just in case you're serious...
AMP as a company destroyed shareholder wealth. Nobody else. The advisers operated as the company directed until it didnt suit the company any more as they got caught out. This was all widely known and you as a shareholder have nobody to blame other than yourself for losing your money. Ask any adviser outside the AMP network what they think of AMP and they'll tell you the same thing.
Their technology and integration of systems is archaic to say the least!
Yet another piece of AMP "saviour" technology fails when confronted with real world users and data. It's never as simple as it appears in the contrived environment of a management demo. Good luck with that technology driven advice strategy Alex.
The scariest thing here is the system that failed is Salesforce which is supposed to be the cornerstone of AMP's technology solution moving forward.
AMP saying they will lead the future with technology is like Zimbabwe saying they will put a man on Mars....next week!
AMP Shareholder. I am seeing the trend here. Are you a Robo-Troll? Just how many email addresses do you have? And whilst not taking your bait, please remember that behind every piece of robo-advice, a human person known as an adviser is legally responsible for it.
Probably a union super PR flunkey. "Payback" is another one of his/her troll names.
And your growth strategy is based on technology?Goodluck! Stop stealing from your advisers. Your a joke AMP!
Wow, a technology rollout was delayed. Hardly big news. Clearly all you need is a battered brand and a boring story to bring the agitators out. Happens with all the wealth managers post RC, funny how it’s never the good old advisors fault.
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