AMP announces cessation of paraplanning and recruitment

AMP has told its advisers it will be ceasing to offer paraplanning and recruitment services from 20 November.

In a message to advisers signed off by AMP’s managing director, business partnerships, Davie Akers, the company said it would be ceasing offering the paraplanning and recruitment services “because we believe these can be better provided by external parties”.

“Practices requiring these services will be supported to engage with external service providers. A range of preferred and approved providers are being made available to support practices with the provision of these services,” Aker’s message said.

“These providers are the ones already writing the statements of advice for AMP paraplanning. AMP paraplanning will take new requests up until 20 November, which will allow enough time for SOAs to be completed prior to the Christmas and New Year holiday period.”

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“If you are not a current user of AMP paraplanning and would like to use one of our approved formal partners, please contact your partnership manager.

“Practices who have utilised our recruitment services may elect to engage one of our ‘preferred supplier’ recruitment agencies. We will be in contact with an engagement and transition plan prior to 20 November. The licensee will continue to support practices with the appointment and screening of all new authorised representatives.

“We appreciate this decision may be disruptive to a small percentage of practices who utilise these services on a regular or ad hoc basis. We are committed to supporting you in delivering quality and efficient advice.”