AMP doubles down on self-licensee support services
AMP has revitalised its Jigsaw Advice Solutions business to provide expanded add-on services to self-licensed financial advisers.
The financial services firm has been offering its Jigsaw Advice Solutions business since 2002 to help self-licensed advice practices.
Jigsaw sits alongside AMP’s other licensee offerings – AMP Financial Planning, Hillross and Charter.
AMP is now strengthening its offering with an expanded range of solutions to better support the growing number of advisers who operate under their own Australian financial services licence (AFSL).
The redesigned package aims to assist advice firms in managing their core licensing obligations in an efficient manner.
Specifically, advisers will be able to choose from a range of add-on options. This will include AFSL setup support, revenue management and processing, cyber protection, and the AMP Spark practice management framework – the firm’s business consulting service.
Moreover, licensees can access AMP’s aged care referral service to help clients find cost-effective solutions during their retirement journey, as well as a buyer’s agent referral service and a debt advice solution.
Professional indemnity and cyber insurance are also on offer through Jigsaw. According to Investment Trends’ 2023 Adviser Technology Needs Report, over seven in 10 advisers require greater support on multifactor authentication.
Matt Lawler, AMP group executive for advice, believes now is the right time to offer these improved services more broadly to the advice sector.
“As the operator of one of Australia’s largest licensee networks, we understand what advice practices are looking for to operate profitably and compliantly under a corporate licence.
“We also understand many advisers are looking to run their practice under their own licence so we’ve packaged our services and capability into Jigsaw Advice Solutions, which we’re confident will benefit the growing number of self-licensed financial advisers,” he explained.
Lawler continued: “What’s most exciting about the revitalised offer is the scalability of Jigsaw, delivering value to practices of all sizes and tailored to their individual business needs.”
AMP’s head of Jigsaw Advice Solutions, Michael Williams, described that scale will be a crucial differentiator into the future of advice practices.
He said: “Our enhanced Jigsaw Advice Solutions will support self-licensed practices in accessing high-quality solutions at a competitive price point.
“By extending our Spark business consulting services through Jigsaw in addition to our range of value-added services, we are providing more practices with the support they need to achieve their business ambitions – be that growth, efficiency or exit.”
The updated offerings to support self-licensees reflect the broader trend of advisers opting to exit their dealer groups and instead seek their own licensee, now being termed as “micro-AFSLs”.
Earlier this year, Adviser Ratings found small licensee groups of one to 10 advisers have seen a 17 per cent rise since 2018, with advisers preferring self-licensing over mid-tier licensees and dealer groups.