Will new executive faces move AMP beyond De Ferrari era?

amp AMP Wealth Matt Lawler david akers francesco de ferrari Alexis George

12 May 2021
| By Mike |
expand image

AMP Limited has opted for the injection of new faces to its wealth management team in what appears to be a strategy to move through the later stages of controversial “transformation” strategy and exit of chief executive, Francesco De Ferrari.

Those new faces will also be dealing with AMP’s remaining advice businesses at a time when the company’s approach to Buyer of Last Resort (BOLR) arrangements move further through the courts and the company takes in-house control of spinning off its Private Markets business.

Importantly, the man overseeing the changes announced to AMP Australia’s Wealth division and AMP Bank is also a relative outsider, AMP Australia chief executive, Scott Hartley, who was once touted as a potential replacement for De Ferrari until the company opted to bring in ANZ’s Alexis George.

As Hartley, the previous chief executive of Sunsuper, made clear in this week’s announcement he was looking for both experience and new faces.

Primary amongst the appointees if former MLC executive, Matt Lawler who supplants David Akers as managing director, Advice with the clear message from Hartley that with the transformation project reaching its final stages it was the right time for a change in leadership.

Lawler is well known to the financial planning sector having moved through a succession of senior executive roles over the past decade from MLC, Yellow Brick Road, One Vue and, most recently, Wealth Market.

According to Hartley, Lawler and the other new senior executive appointments will be in place by July and noted that AMP had sought to recruit individuals who have “a strong sense of urgency about the changes we need to see in our business”.

“Matt Lawler takes over from David Akers as managing director, advice. David has led the advice business and AMP’s aligned advice network through a very difficult period of industry disruption and regulatory change, and has positioned the advice business well to capitalise on the opportunities for AMP and its advisers,” Hartley’s announcement said.

“David has led the business with strength, integrity and vision. With the transformation now well underway, it is the right time to transition to a new leader, who is well positioned to take the advice business through the next phase of transformation and growth.

“Ahead of Matt’s arrival, David will continue to lead the Advice business to maintain the momentum we have in our advice transformation, with the priorities for the business and the network remaining unchanged.”

The other key leadership changes announced by AMP this week can be found here.

Read more about:


Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry



Old Fella

Of course a survey commissioned by an adviser coaching business would find that having an external business coach is a k...

9 hours ago
One foot out the door

A financial planner is expected to earn between $95,000 and $120,000 per year, depending on the state. Really? I don't...

19 hours ago

The whole thing is a bit frightening especially the last note where notes on what might be done could result in the need...

1 day 15 hours ago

ASIC has cancelled the AFS licence of a Sydney wealth firm, the fifth Sydney firm to see a cancellation since the start of the year....

1 week 6 days ago

A former financial adviser has been banned by ASIC from providing financial services for inappropriate advice, among multiple breaches....

4 weeks ago

More than 20 winners from the funds management industry have been crowned at this year’s awards....

6 days 17 hours ago