AMP Financial Planning cuts 40 jobs

AMPhas cut 40 positions from its financial planning division as part of the wide-ranging restructure announced by the group’s new chief executive, Andrew Mohl, earlier this month.

The cuts, announced toAMP Financial Planningstaff on Monday, are part of what is expected to be an overall cull of 1,200 jobs across the AMP business as a result of Mohl’s cost cutting program.

The managing director of AMP Financial Planning, Greg Kirk, says some of the forty positions had been earmarked to be cut since January.

However he says the decision to make the cuts was brought to a head by the restructuring program put in place by Mohl.

The forty redundant employees come from a total of 318 staff at AMP Financial Planning.

They include 12 of the group’s 102 salaried financial planners. It is understood the 12 departing advisers were the only salaried AMP financial planners who had chosen no to accept a new remuneration contract offered by the group over the past year.

The cuts also include a total of five jobs from the group’s field management teams in Victoria and Queensland.

Four specialist corporate superannuation roles in New South Wales and Victoria have also been cut. The remainder of the job losses come from a variety of field management support roles.

The news comes some two weeks after Mohl announced AMP would cut 550 positions from its Australian financial services division, 500 from its Australian and offshore banking operations and 160 from its corporate head office as part of a major reform program.

Kirk says the cuts to AMP Financial Planning would not impact on the division’s distribution capabilities.

“Twelve planners out of a total of about 1370 self employed planners and 100 odd employed planners is not going to effect our distribution capacity,” Kirk says.