We are a proud member of the Financial Services Online network!
Connect with us on your favourite social media platform for the latest financial news, views, tips, tricks, resources and information.
The rebranding, slated for announcement in the first quarter of next year, coincides with AMP's $10.2 million transaction of its licensee arm to Entireti—one of the pivotal moves stemming from the agreement. Lawler indicated that although 'NewCo' is a working title, the new brand must differentiate itself as AMP's identity shifts.
This transition encompasses more than a name change. In addition to AMP Financial Planning, NewCo will house Charter Financial Planning, Hillross, and Jigsaw—expanding the company’s network within the financial landscape. Besides, AMP's strategic sale aligns with its broader vision to enhance intra-fund advice capabilities for super fund members while retaining a core team of salaried planners.
The change follows AMP's sale of minority stakes in 16 advisory practices to AZ NGA for $82.5 million, as reported in _Professional Planner_. However, recorded separation and transition costs have arisen to a $36 million accounting loss, $6 million more than initially projected, significantly impacting the firm's 2024 financial results expected in February.
As part of its strategy, AMP plans to gradually reduce its 30% equity in NewCo by selling shares to advisers and management. AMP's CEO, Alexis George remarked, "We've been clear about offering the first 10 percent to advisers," indicating that engagement with the adviser community is not only pivotal but prioritized. "The sustainability of the entity will dictate this allocation," she added, demonstrating a clear focus on long-term stability.
A major aim during this transition is to minimize disruptions for advisers as the transfer to Entireti unfolds. George emphasized the importance of "making it easy for the advisers because they don’t want to be distracted from their real jobs," underscoring the effort to maintain seamless services.
The foundation of this advisor-centric approach involves active adviser participation throughout the eventful journey. "We’ve conducted several roundtables, thoroughly explored all options, and sought adviser input on their expectations," Lawler noted, emphasizing the consultative nature of the process.
This extensive collaboration between AMP and Entireti has showcased efficient teamwork and expedited operational progress, as evidenced by the quick turnaround from announcement to near completion. George paid tribute to this efficiency, saying, "Delivering before year’s end was pivotal; it reflects our commitment to partnership while working toward mutual success."
Adding to this sentiment, Lawler remarked, "Announcing on August 8 and now nearing completion speaks volumes about the collective effort. We’ve not only set a defined path forward but also crafted a clear vision for everyone involved."
Entireti's confirmed leadership team will feature Neil Younger at the helm as group CEO and managing director, along with Glen Castensen as COO and CFO, Daniela Mascarello heading Group Risk, Matt Brown leading Fortnum and Personal Financial Services, and Lawler operating NewCo. Their united leadership promises to steer this freshly minted entity into a prosperous future.
Published:Tuesday, 3rd Dec 2024
Source: Paige Estritori
| AMP's Transition Showcases Adviser-Centric Rebranding Strategy 03 Dec 2024: Paige Estritori AMP is undergoing a significant transformation, with a forthcoming rebrand of AMP Advice and AMP Financial Planning. Spearheaded by Matt Lawler, now CEO of what is tentatively called NewCo, this transition includes working closely with advisers to ensure their voices are essential in shaping the future of the brand. 'This process is set to be particularly democratic,' said Lawler, highlighting the collaborative approach. - read more |
| Reserve Bank Anticipates Significant Rate Reduction 03 Dec 2024: Paige Estritori The Reserve Bank of New Zealand is poised to decrease the official cash rate by a notable 50 basis points this week. This action comes on the heels of a cumulative 75 basis points reduction across the last two monetary policy discussions. - read more |
| RBA Board Overhaul Raises Questions 02 Dec 2024: Paige Estritori The recent decision to reconfigure the Reserve Bank of Australia's (RBA) leadership structure presents both opportunities and challenges, particularly in the ongoing battle against inflation. Dr. Shane Oliver, Chief Economist at AMP, has voiced concerns that easing inflation control measures could tarnish the bank's credibility. - read more |
| Relief for First-Time Home Buyers: Reforming Borrowing Rules 28 Nov 2024: Paige Estritori First-time home buyers may soon experience a significant reduction in the obstacles they face when applying for mortgages. A recent senate inquiry recommends revising the current stringent 3% serviceability buffer, which is deemed too harsh for prospective homeowners. - read more |
| Crypto Wallets: The New Face of Investment Strategy? 27 Nov 2024: Paige Estritori Franklin Templeton’s recent report on cryptographic wallets highlights an innovative shift in how investment portfolios might soon operate. These wallets could serve as a bridge, improving the integration of diverse investment vehicles within a single portfolio. This potential for transformation could revolutionize the current investment landscape by providing unified tracking and management across various investment types. - read more |
| The Essential Checklist for Choosing a Caravan That Suits Your Lifestyle In recent years, the call of the open road has been answered by more and more Australians through the timeless tradition of caravanning. Sparked by the pursuit of freedom and the comfort of having a home on wheels, the caravan lifestyle has seen a resurgence in popularity. This phenomenon isn't just about being on holiday; it's about the independence and flexibility that comes with owning a caravan. - read more
|
| The Hidden Costs of Caravan Ownership and How to Budget for Them For many, the lure of the open road and the freedom to explore is synonymous with the dream of caravan ownership. It conjures images of spontaneous adventures, family bonding, and the simple joy of having a home on wheels. Caravan enthusiasts often speak of the unbeatable sense of community at caravan parks and the proximity to nature as key draws to this unique lifestyle. - read more
|
| Used vs. New Caravans: Breaking Down the Costs The allure of exploration and the freedom to roam have always been at the heart of the human spirit. In recent years, this call to adventure has manifested in the rising popularity of caravans, with more individuals and families than ever before discovering the joys of a home on wheels. The sense of community among caravan owners and the accessibility of stunning locations that were once deemed unreachable are just a few reasons for this boom in caravan ownership. - read more
|
| DIY Caravan Repairs: Simple Fixes for Common Problems The humble caravan has become an emblem of exploration and freedom in Australia, capturing the hearts of countless adventurers. With the cultural fabric intertwined with the spirit of the great outdoors, it's no surprise that caravanning is experiencing a surge in popularity. Traveling with a home on wheels allows one to forge their path and make memories in the cozy nook of familiarity, no matter how far they roam. - read more
|
| Mistakes to Avoid When Budgeting for a Caravan in Australia Caravanning in Australia is not just a mode of travel, but a lifestyle choice embraced by many. The sense of freedom, adventure, and the possibility to explore the country's vast and varied landscapes have significantly contributed to its popularity. From retirees seeking to enjoy their golden years to young families looking to make cherished memories, caravanning has a wide appeal across the Australian demographic spectrum. - read more
|
|
Caravan Loan Pitfalls: What to Avoid When Comparing Rates Exploring the vast and varied landscapes of Australia is a dream for many adventurers, and owning a caravan unlocks the freedom to roam the country at one's leisure. Caravaning is more than just a mode of travel; it's a lifestyle and a hobby embraced by those who seek the thrill of the open road and the serenity of nature. Given the significance of this investment, understanding the financial aspects becomes paramount. - read more
|
|
|
DIY Caravan Repairs: Simple Fixes for Common Problems The humble caravan has become an emblem of exploration and freedom in Australia, capturing the hearts of countless adventurers. With the cultural fabric intertwined with the spirit of the great outdoors, it's no surprise that caravanning is experiencing a surge in popularity. Traveling with a home on wheels allows one to forge their path and make memories in the cozy nook of familiarity, no matter how far they roam. - read more
|
|
Looking to Buy a Caravan in Australia? 5 Steps to get you on your way. Caravanning has been an enjoyable and cost-effective way for Australians to experience the country since the 1950s. It's a great option for anyone who wants to explore all that this beautiful continent has to offer without breaking the bank on accommodation. Offering freedom, independence, and access to a vast array of activities, caravanning brings a unique and memorable experience that can't be beaten. - read more
|
|
Caravan Financing 101: Understanding Your Options Australia's sweeping landscapes and vibrant coastlines ignite a sense of adventure among many. It's no wonder caravanning has become a favoured way to explore the beauty of this nation. But before the journey begins, understanding the financial aspects of caravan ownership is essential. - read more
|
|
Essential Considerations for Managing Your Caravan Finance Effectively Welcome to your first step towards financial liberation in the world of caravanning! Managing your caravan finance effectively is more than just making regular payments; it's a path to freedom on wheels. Understanding the nuances of caravan finance can unlock the door to early repayment and savings in interest, benefiting you in the long run. - read more
|