AMP doubles down on ‘hunting’ for new business
With the role of business development managers (BDMs) ever evolving, AMP chief executive Alexis George admitted the firm “didn’t spend enough time on selling” and is actively improving its BDM team.
In its quarterly flows for the second quarter of 2025, the firm detailed how net cash flows on its platform increased by 63 per cent to $1.5 billion. Meanwhile, its superannuation and investment division reported its first positive inflows since 2017 of $33 million.
At a result presentation, the chief executive was asked by a Morgan Stanley analyst whether the firm had changed its BDM teams and processes in light of its new product offering, exit from financial advice, and focus on retirement.
George said: “If we look introspectively, we didn’t spend enough time on selling. Over the last couple of years, we have spent a lot of time improving our sales practices and capability of our BDMs, and we have made changes and continue to build on that.
“The lives of BDMs have changed markedly. It’s not just about selling; you have to be an expert in the offering, and we have spent a lot of time, money and effort in uplifting the capabilities and tools we have available to them.”
Earlier this month, Harry Georges was appointed as head of national sales for its North platform, having previously worked as the head of acquisition and client services for AMP back in 2019.
Money Management previously covered the evolving role of BDMs with financial advisers relying on them more than ever as products and solutions become more complex. When it comes to what advisers are seeking, Adviser Ratings has found the most requested enhancement is “sharing knowledge of industry best practices”, highlighting the expectation that BDMs will offer insights on improving efficiency, regulatory compliance, technology integration, and business growth strategies.
“The most successful BDM interactions now involve substantive discussions about practice optimisation, market trends, and strategic opportunities based on knowledge of the practice and its clients, given the data the platform has access to,” the research firm said.
Expanding on this, Edwina Maloney, group executive of platforms, said the firm has specifically focused on hunting for new clients as well as looking after existing relationships.
“We have crafted a function called a new business manager, think of that as a ‘hunter’. We had relationship managers who were nurturing a book of existing advisers, but we didn’t have anyone out there hunting.
“We introduced that role about two years ago, and the cash flows we are seeing today are the result of that work we did 18 months ago. We have continued to recruit and add to that team, and it is a key area of focus for growth.
“We are at the start of hunting for new clients and as they come in, they bring in new cash flow and that will build year-on-year.”
Looking into the second-half of the year and having divested its advice arm, George said the firm is focused on being a leader in the retirement space and in digital advice.
“I believe we are well-positioned for growth, but we don’t want to do it the way we have in the past. We want to approach this new era with the mind of a challenger brand. A brand that takes conscious risk, not unconscious, is more agile, ready to embrace change and technology, and is willing to get out there and have a go.”
AUTHOR
Laura Dew
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