AMP looks to internal advice M&As

AMP Limited has revealed the degree to which its new strategy will involve merger and acquisition activity within its aligned advice practices.

In an interview with Money Management, AMP Limited’s group executive, advice, Alex Wade said that the company had not defined how many advisers would ultimately leave the business because the strategy was all about practices, not planners.

“We’re really focused on practices rather than on advisers and on the practices of the future that are going to be more professional, compliant and more efficient to have the scale to pick up and pursue the changes,” he said

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“Clearly, we’re focused on quality of business and a business model for the future. Now, that doesn’t necessarily mean that those businesses for the future are the ones that are shooting the lights out today. We’re really going practice by practice with them to see the future capability,” Wade said.

“Now there may be some today that, frankly, aren’t profitable but we can see a path and we’re supporting them to the future with our business consulting support and helping them structure for the future,” he said.

Wade told Money Management that it was “really about those businesses that are capable of digesting the industry disruption along with us”.

“… and I think that we’ll obviously see some smaller businesses merge with bigger businesses and various changes like that,” he said.

“For us, it is not about drawing an economic line in the sand across businesses but [about] really determining how we retain talented advisers and minimise client impact and ensure best client outcomes.”

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Given the way that AMP Management and Board have behaved (and how they have treated my peers), it is whether I have enough trust to actually stay in business with them. I can't trust them as far as I can kick them. I also know that they have a tendency to over promise and under deliver!

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