The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
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.
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
Please Note: If this information affects you, seek advice from a licensed professional.
The National Road Freight Transport Association (NatRoad) has recently highlighted a pressing issue within Australia's trucking sector: the prevalence of illegal employment practices, notably sham contracting. This practice involves misclassifying employee drivers as independent contractors, allowing companies to evade obligations such as payroll tax, superannuation, and workers' compensation insurance. Such misclassification not only undermines fair competition but also jeopardises road safety standards. - read more
The Australian Trucking Association (ATA) has proudly announced the recipients of its 2025 awards, recognising exceptional contributions to the trucking industry. These accolades highlight the dedication and expertise of individuals and organisations committed to advancing the sector. - read more
Isuzu Australia Limited (IAL) has released a comprehensive industry report titled 'The Future of Trucking Report: The Way Forward.' This extensive survey, involving over 1,300 respondents from various transport sectors, provides valuable insights into the current state and future trajectory of Australia's road transport industry. - read more
The Australian Trucking Association (ATA) has unveiled a comprehensive plan to alleviate the financial burden on Australian households by proposing a $5 billion investment in targeted road upgrades over the next decade. This initiative is designed to support the adoption of high-productivity and low-emission trucks, thereby enhancing the efficiency of the transport sector and contributing to a reduction in the cost of living. - read more
The Australian truck and van market is showing signs of stabilisation in the third quarter of 2025, despite an 11.8% decline in year-to-date sales compared to the previous year. This trend suggests a potential turning point for the industry after a period of sustained softness. - read more
Securing a loan for commercial trucks is a crucial step for businesses in the transportation and logistics industry. Without a reliable fleet, companies may struggle to meet the demands of their clients and risk losing valuable contracts. This is why obtaining loan approval is not just beneficial, but essential for many Australian businesses aiming to expand or update their operations. - read more
Navigating the used truck market in Australia can be as complex as the rugged terrains these vehicles traverse. With the market growing steadily, the need for savvy bargaining and well-informed purchases has never been more critical. The significance of due diligence escalates when considering the investment at stake and the pivotal role these trucks play in driving businesses forward. - read more
Keeping your truck in top condition through preventive maintenance is crucial for extending its longevity. Regular check-ups and timely repairs can save you from unexpected breakdowns and costly repairs, keeping your truck on the road for years. - read more
Managing truck loan paperwork may seem like a mundane task, but it is essential for both individuals and businesses. Staying organised can save time, reduce stress, and ensure that nothing important is overlooked. - read more
The commercial vehicle market in Australia has been undergoing significant changes, with demand for efficient transport solutions on the rise due to a booming e-commerce sector. As fleet owners navigate this evolving landscape, the need for adaptability in fleet management has never been more prominent. - read more
Start Here
Get a free truck loan eligibility assessment and compare truck finance and leasing options
without accessing your credit file!!
Knowledgebase
Jumbo Loan: A mortgage loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA).
