Will new executive faces move AMP beyond De Ferrari era?
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.
Recommended for you
A NSW-based adviser has been banned from providing financial services for five years for inappropriate advice and the AFSL of his business has been cancelled by ASIC.
The introduction of Rhombus Advisory has caused a shift in the top advice licensees as Insignia separates its advice business into two channels.
Given the clear divergence between the cost of financial advice and clients’ willingness to pay, two experts explore how advisers can transform the way they convey value to potential clients.
Nearly 18 months since Invest Blue adopted its nine-day fortnight structure to support employee wellbeing, the national advice firm has enjoyed positive results across all metrics.
