Paul Sainsbury

AMP has announced it will implement a series of measures across its licensee groups that aim to significantly lift the bar on adviser professionalism and reinforce its existing commitment to stand behind the advice it gives to consumers.

AMP Group Executive Advice and Banking Rob Caprioli said AMP, as the largest advice network in Australia, will work with the regulators and lead the way for the industry to help restore confidence and trust in financial advisers and the advice they give.

“This is a critical time for the industry and the measures we’ve announced today go to the heart of what we do – offering financial advice to help people live better lives. This commitment builds on our record of significant investment in the standards of professionalism for our financial advisers,” he said.

The measures are:

• All existing and new advisers must hold a Certified Financial Planner® (CFP), a Fellow Chartered Financial Practitioner (FChFP), or Masters in Financial Planning (MoFP) qualification. New advisers must complete this qualification within five years of joining an AMP licensee while existing advisers have up to 31 December 2019 to do so. These qualifications are post-graduate degree equivalent, making AMP’s minimum requirements the industry’s highest.
• An AMP Customer Advice Review panel will be established by the end of this year to review any customer complaint about the quality of AMP’s personal advice when the customer is not satisfied with AMP’s response through normal channels. If the panel finds the personal advice was not appropriate when it was given, the customer will be restored to the position they would have been in if the appropriate advice had been given. The panel, which will have an independent chair, will have the power to refund advice fees and compensate for losses.
• A broad-ranging ethics and responsible decision-making program for advisers will be developed in conjunction with the St James Ethics Centre with industry input. The program, which will be available to any financial adviser in the industry, will be in place by mid-2015.

“Customers expect us to provide them with quality financial advice that puts their interests first.

So we take this very seriously and will continue to look closely at what we do to ensure we continue to provide the best advice possible,” Mr Caprioli said.

“AMP stands behind the advice its advisers give to customers. That’s the benefit of seeking advice from an adviser backed by a large and trusted brand like AMP. We can make things right for those customers who don’t receive advice that’s in their best interests. The announcement today takes this commitment a step further.”

The AMP Customer Advice Review panel will be chaired by an independent representative and comprise a CFP, FChFP or MoFP advice professional and AMP’s Chief Customer Officer, Paul Sainsbury.

The industry-wide adviser registry, which will be developed by ASIC, has the full support of AMP. When the ASIC adviser registry is finalised, it will be available via AMP’s website.

“Ensuring easily accessible public information on individual advisers, including their qualifications, is an important step to increasing faith in the industry but more importantly it will help Australians seeking advice to more easily compare and select financial advisers,” Mr Caprioli said.

The role ASIC plays in partnering with the industry to ensure high standards and good outcomes for Australians seeking financial advice is critical and AMP strongly supports the FSI Interim Report’s policy option to increase funding to the regulator.

The measures announced today have the support of the Financial Planning Association (FPA) and the Association of Financial Advisers (AFA). The FPA and the AFA have 10,000 and 3,000 members, respectively. AMP is liaising with these groups and calling on the industry to adopt these measures.

Enabling advisers to choose between a CFP, FChFP and MoFP ensures all advisers across the AMP Group have access to the relevant qualifications.

“This builds on the work that our financial planning academy, Horizons, is doing to recruit, educate and develop new financial planners. Horizons entry standards are already among the highest in the industry with a 10 week intensive academy course followed by a nine month
supervised placement in a practice.

“The academy also works with universities to increase awareness of financial planning as a career choice for graduates via the AMP University Challenge,” Mr Caprioli said. AMP is working with its licensees to ensure all AMP financial advisers have the necessary support to achieve the measures outlined today. AMP lifts adviser education standards and launches customer panel / 3AMP’s financial advice network in Australia comprises AMP Financial Planning, Charter Financial Planning, Genesys Wealth Advisers, Hillross, Horizons, ipac and smsf advice.

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Sponsorship, cyclist registrations and donations take Wheel Classic fundraising over half way to $100,000 target

Michael Guggenheimer

Five months out from the start of the Future2 Wheel Classic cycling fundraiser from Melbourne to Adelaide (13-19 November), the momentum of support is building in the financial planning community.

AMP Financial Planning has confirmed it will again be Gold Partner to the event in support of Future2’s vision to help those most in need. Funds raised enable Future2 to make grants to community not-for-profits that give disadvantaged kids all over Australia a new start and hope for a better future.

AMP Financial Planning Managing Director Michael Guggenheimer said: “We’re happy to have been involved with the Future2 Wheel Classic over a number of years as it is a great initiative in helping Future2 help local charities. A number of our financial planners will be participating in this years’ ride and I encourage the financial planning community to get behind their colleagues.”

The Financial Planning Association (FPA) has picked up one of two Silver Partner opportunities, reflecting the commitment of FPA professional members to the wider community as well as to their clients’ best interests. Cyclists arrive in the SA capital to a reception on the eve of the FPA Professionals Congress (20-21 November).

FPA CEO Mark Rantall welcomed the opportunity for closer involvement with this year’s Wheel Classic. “As a Silver Partner to the event, we are applauding the efforts of our members to do something that makes a lasting difference to those most in need – either by riding with the Wheel Classic or supporting those who do”, he said.

FPA members who ride the Wheel Classic are eligible for a 10% discount on registration for the FPA Professionals Congress in Adelaide, 20-21 November, and a 25% discount if they reach higher fundraising targets.

Registration and fundraising

By mid-June, 23 cyclists had registered for the cycling challenge, all but two of them for the 7-day, 1050 km ride. Participants include the first overseas cyclist, who is Japanese, and two teams: InvestBlue and Bravien Financial. Registrations remain open until 31 August.

Each cyclist will raise funds of at least $500 (if riding 1-3 days) or $1,000 (4-7 days); many set more ambitious targets. Donations in support of the cyclists are gathering momentum and include a $10,000 donation in support of one cyclist.

To sign up for the Wheel Classic or the Virtual Wheel Classic click here. 

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Michael Guggenheimer

Advisers from Sydney, Perth and Albury have scooped the pool in the annual 2013 Hillross Awards Program, taking out the Hillross Adviser of the Year, New Adviser of the Year and Hillross Advisory Firm of the Year categories at a ceremony in Melbourne last night.

The 2013 Hillross Awards Program is open to advisers and advisory firms across the Hillross network. Newly appointed Managing Director Hillross and AMP Financial Planning Michael Guggenheimer said the awards were an opportunity to acknowledge the high levels of professionalism, client service and the delivery of quality advice.

“Professionalism, ongoing quality financial advice and a strong focus on the client are the most important attributes for an adviser and these awards recognise some outstanding examples of this,” Mr Guggenheimer said.

Hillross Adviser of the Year

The 2013 Hillross Adviser of the Year has been awarded to Sydney adviser Ian Smith.

Mr Guggenheimer said: “The judging panel were very impressed with Ian’s professionalism, his clear client value proposition and his unwavering focus on delivering what his clients want. These traits have made Ian a very deserving winner.”

The Adviser of the Year recognises a CFP adviser who has demonstrated the highest level of professionalism and excellence through client service, advice delivery and implementation.

Hillross New Adviser of the Year

Ryan Turner of RJJO Financial Services in Perth has taken out New Adviser of the Year, a relatively new category first awarded in 2012.

Mr Turner, a graduate of AMP’s Horizons Academy, established his practice in 2011 and has had ongoing success building a solid business and creating strong links with the community.

“Ryan’s very clear financial advice philosophy, which is that if you do the right thing by people and make a difference in their lives the financial side of things will take care of itself, was a winner for the judging panel.

“It’s remarkable that in less than three years of practice he has been able to build up a dedicated client base and he attributes this approach as one of the key reasons for his success,” Mr Guggenheimer said.

Hillross Advisory Firm of the Year

Hillross Albury has won Advisory Firm of the Year, for demonstrating the highest standards of professionalism, profitability and advice.

“In looking at the finalists for Advisory Firm of the Year, the judges found Hillross Albury is a practice of like-minded individuals bursting with a great energy and commitment to delivering the best client experience possible.

“Their involvement in the local community, deep commitment to the ongoing education and development of their staff and feedback from clients has shown what a great advice experience they deliver,” Mr Guggenheimer said.

Hillross Albury is led by Practice Principal Tony Smith and Director Wayne Moriarty.

The 2013 Hillross Awards Program was open to financial advisers with a Certified Financial Planner qualification and advisory firms across the Hillross network.

Clients are surveyed by an independent research specialist and client advocacy is an important part of the overall assessment for each of the awards.

The winners are determined by an expert panel of industry representatives, including Mark Rantall, Chief Executive Officer of the Financial Planning Association (FPA) and AMP’s Chief Customer Officer Paul Sainsbury.

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Twenty Future2 Wheel Classic cyclists.

Twenty financial advisers and friends were elated as they rolled into the Sydney CBD last weekend at the end of a nine-day, 1250 km cycle ride from Melbourne to Sydney.

“They had completed the ride of a lifetime, smashing personal goals and physical challenges, with the added satisfaction of knowing they had raised tens of thousands of dollars to help disadvantaged young Australians”, said Steve Helmich, Future2 Chair.

The Future2 Wheel Classic is generously supported by AMP Financial Planning (Gold Partner) and Matrix Planning Solutions (Silver Partner).  This was the fourth annual fundraising cycle ride organised by Future2, the foundation of the Financial Planning Association.

AMP Financial Planning (AMPFP) opened up the Settlement Café at Circular Quay to welcome the cyclists; Managing Director AMPFP Michael Guggenheimer was there to greet them, along with family and friends of the riders.

City of Sydney Councillor Jenny Green, herself a keen recreational cyclist, welcomed the group and acknowledged how tough riding long distances can be.  “I hope you had a lot of fun taking part in this Wheel Classic ride and salute your generosity and that of the support partners in raising the funds that will help disadvantaged young Australians.  Strong communities are built and supported only when we accept that not everything can be left to the government and that we all have a part to play.”

On the journey from Melbourne, the cyclists climbed a total elevation of over 10,500 m, the equivalent of 1.2 Mount Everests, crossing the Snowy Mountains via Cabramurra and Cooma.

They burnt an average 3,500 calories a day (double the normal level), and while riding ate 60 kilos of bananas, 360 muesli bars and uncounted numbers of protein gels to keep energy levels high.  There were three days of punishing head- and cross-winds, gusting to 60mph with high temperatures that made one cyclist comment it was “like riding into a hairdryer”.

Over $80,000 has been raised from corporate support and the individual fundraising of cyclists.  As the ride made it’s way through country Victoria and NSW, it attracted the goodwill of many people, including spontaneous donations from shopkeepers and truck drivers.

To donate to the Wheel Classic or any of the individual riders visit: www.future2fundraising.org.au/event/f2wheelclassic2013

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AMP Financial Planning’s Darren Black at the start line of the Future2 Wheel Classic.

After months of training and weeks of fundraising, financial planners finally got on the road early Saturday with the Future2 Wheel Classic, the epic annual cycle ride organised by Future2, the Foundation of the Financial Planning Association.

Setting out from Old Treasury Building in Melbourne, most of the cyclists were looking forward to nine days and anything between 45 and 65 hours in the saddle, depending on their level of fitness.  They will climb over 10,500 m – the equivalent of 1.2 Mount Everests.   If the 2012 Wheel Classic sets expectations, they will encounter 40+ kph headwinds, snow, hail and lightening.  They could expect over 70 flat tyres to fix and burn around 3,500 calories a day, double the average daily intake!    All in the name of helping disadvantaged young Australians towards a brighter future.

The annual fundraising event is sponsored AMP Financial Planning (Gold Partner) for a third year. Matrix Planning Solutions is Silver Partner for the fourth year running.

AMP’s head of advice in Melbourne, Darren Black joined Victorian State Member of Parliament David Southwick MP to farewell the riders, a number of whom are AMP employees and planners.

Thirty cyclists will participate in some stage of the Melbourne to Sydney route.  All are actively seeking the support of friends, family, colleagues to help Future2 towards an ambitious $170,000 fundraising target.  Donations can be made in support of individual riders at www.future2fundraising.org.au/event/f2wheelclassic2013

When fundraising closes on 31 October, the individual and the team with the highest fundraising total will be awarded a trophy.

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Future2 Wheel Classic

A 1230 km route from Melbourne to Sydney has been chosen for the 2013 AMP Financial Planning Future2 Wheel Classic – the foundation’s annual cycling fundraiser. 

AMP Financial Planning is Gold Partner for the second year.  Interest is high among would-be Wheel Classic cyclists in the financial planning community.

Future2 aims to raise raise at least as much as last year’s record $140,000, over two thirds of which was from individual donations in support of the cyclists.  The money raised brings new opportunity and hope to disadvantaged young Australians through Future2’s Make the Difference! Grants which are made to community not-for-profits.

The 9-day cycle ride from Melbourne to Sydney, will take in Canberra and the regional centres of Bendigo, Shepparton, Wodonga, Jindabyne and Wollongong.  The ride starts in Melbourne on Saturday 5 October and finishes in Sydney on Sunday 13 October.

Future2 Wheel Classic – 2013 Sydney to Melbourne route

“We’re excited to be supporting the Future2 Wheel Classic again this year.  It’s a fantastic event and raises funds for a great cause,“ AMP Financial Planning Managing Director Michael Guggenheimer said.

“More than just fundraising, the ride creates awareness of the great work financial planners do in their local communities every day, helping Australians from all walks of life plan for a better financial future.”

Ray Griffin, Future2 trustee and three-time Wheel Classic veteran, says:  “Participation in the Wheel Classic demands mental and physical stamina – and training. Days 5 and 6, when we cycle over the Snowy Mountains, will be particularly demanding. 

“The cyclists who commit their time and energies to training and cycling in the Wheel Classic are not only making an important philanthropic contribution, they are fostering widespread respect and trust in the financial advice profession.  We applaud their efforts, and the individuals and businesses that have the vision to support them with donations and sponsorship”, he adds.

Cyclists wishing to join the fundraising effort will be able to register online from mid February.  Early expressions of interest can be made at www.future2foundation.org.au (click on the Cycle the Wheel Classic button).

Once registered, cyclists set up individual fundraising pages powered by Everyday Hero.  Each cyclist commits to raising at least $500 for Future2.  Those who meet higher fundraising targets may opt for a refund of their registration fee.

“The Wheel Classic is a perfect opportunity for financial advice businesses to step up to some friendly rivalry, as well as to demonstrate their spirit of philanthropy”, Ray Griffin says.  

Teams of four or more cyclists may participate and the one that raises most will be awarded the Wheel Classic Team Shield.

Sponsorship packages are available on request.

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Shane Lenehan from Charter Financial Planning received the FPA’s Best Practice Award and Mark O’Leary from AMP Financial Planning was awarded the FPA Future 2 Community Service Best Practice Award. 

The FPA’s National Best Practice Awards were announced in Melbourne on 16 November and recognise superior outcomes for clients when professional financial planning expertise is provided.  Entrants were also judged on practice management, business model, professional development, client testimonials and work in the community. 

Shane Lenehan, Charter Financial Planning
AFP Best Practice Award – National and Victorian winner

Shane Lenehan of Silver Ridge Financial Services and authorised representative of Charter Financial Planning has been awarded the FPA’s Best Practice Award.  The award recognises the achievements of advisers who deliver a higher standard of professional and trusted advice and display a commitment to professional development. 

On winning the award Shane Lenehan said: “For me, it’s never about a one-off transaction, it’s all about encouraging an ongoing relationship that helps ensure my clients’ short and long-term goals are met. 

“Identifying and implementing strategies to help my clients achieve their life goals is the best part of my job.  To ensure I continue to do this in the most effective way, it’s important that I maintain a strong focus on my own professional development.” 

Mark O’Leary, AMP Financial Planning
Future 2 Community Service Award –National and Victorian winner 

AMP financial planner Mark O’Leary, Managing Director of Eluvia, was awarded the FPA Future2 National Community Best Practise Award.  This award goes to a planner who has, in a pro bono or public service capacity, made an outstanding contribution to improving the circumstances of the most socially excluded or financially disadvantaged members of the community. 

Eluvia is one of the AMP practices registered with the Cancer Council to provide pro bono financial planning services to help patients with cancer-related financial issues, such as early access to superannuation or insurance benefits and mortgage hardship.  

Eluvia has worked on four pro bono cases and is now piloting a program with an accounting firm to provide these services to small and medium sized business in distress due to their owner’s illness. 

Mark O’Leary said taking part in the Cancer Council pro bono program allows him to use his expertise to help families remove some of the financial pressures families of cancer patients face so they can focus on getting better. 

“Our objective as financial planners is to assist families to not only build assets but to protect them against the consequences of illness or death.  This program really brings to life the implications for families who are underinsured or have not sought quality financial advice,” Mr O’Leary said. 

AMP financial planner Hari Maragos was awarded the Future 2 Community Service Award Runner up for Victoria, and also picked up the Distinguished Service Award for Victoria.

Hillross financial adviser Wayne Moriarty from Moriarty Financial Services was awarded the Fellow Award for Victoria, which recognises those that have made an outstanding and selfless contribution to the profession and the community

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Ms Hornery was announced winner of the ‘Female Excellence in Advice Award’ by the Association of Financial Advisers at their national conference on the Gold Coast last week.

Established in 2011, the award recognises women in the financial planning industry who make a significant contribution to their profession, community and clients.

Ms Hornery, who runs Financial Management Solutions in Tuggerah – an integrated advisory group that specialises in financial planning, accounting and self-managed super funds – said it was a great honour to win this prestigious industry award.

“Financial planners make a positive difference in peoples’ lives daily and there’s a great reward in helping others achieve their goals.

“With 60 per cent of my staff women, one of the things I’m most passionate about is helping women works towards achieving financial freedom. Women’s superannuation balances still lag way behind men’s largely due to the time they spend out of the workforce raising a family and we need to plan earlier for this,” Ms Hornery said.

Ms Hornery started her career working in an accounting practice before moving into financial advice in 2001. She started her own practice, Financial Management Solutions, in 2003.

“I could see that financial planners were uniquely positioned to make changes for the better in their client’s lives and that was something I wanted to part of.”

Community work is another big priority for the Central Coast planner, who is also a mother of four and nanna to nine, soon to be 10. In fact, Financial Management Solutions won the 2009 Telstra Business Award NSW for Social Responsibility.

Financial Management Solutions has been involved in AMP’s Cancer Council pro bono program since 2010, helping cancer patients and their families with the finances during this difficult time. The firm is also a regular fundraiser for the Cerebral Palsy Alliance.

“Community and pro bono work is a really important part of our business model – every staff member assists. As a family business – with seven family members working in the business – we know the importance of family.

“This year, we’ve worked with eight local cancer patients and their families to provide financial advice. We’ve also provided financial advice to some local families with a member affected by cerebral palsy and raised money for the Cerebral Palsy Alliance, through Steptember – a month of walking activities – and Might and Power Race Day.”

Ms Hornery is also keen to encourage more women to join the financial planning profession and mentor them as they progress into advice roles.

“This is a great profession for women because it there is lots of opportunity to help those in their local community get on the right track financially, while also balancing family responsibility through flexible work hours. I even help my kids with their finances when they let me!”

The Female Excellence in Advice Award program is a joint initiative of the Association of Financial Advisers and TAL.

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According to Cancer Council research, families can expect to lose more than $47,200 when a family member is diagnosed with cancer. Loss of wages and other mounting costs such as treatment, childcare and accommodation leave many patients in desperate need of immediate funds.

The research also revealed significant gaps in access to financial planning services due to cost, stress and sickness.

This has placed many patients at risk of losing homes, accumulating significant debt and falling behind on expenses.

In response, AMP financial planners have joined forces to help patients with cancer-related financial issues such as early access to superannuation or insurance benefits, dealing with mortgage hardship and advising on Centrelink, debt management and budgeting.

“A diagnosis of cancer can be extremely traumatic and most patients are primarily concerned with getting through treatment,” Karen Conte, Programs Director of the Cancer Council Victoria’s Support Service said.

“But bills do add up and quite often patients have to work through some really important financial issues to make sure they and their family are properly protected during these difficult times.

“We are now working with AMP financial planners who are offering their services for free to reduce the stress and financial difficulties which can mount for many patients, especially when they lose pay from lost work during treatment,” Ms Conte said.

Louisa Fitz-Gerald, National Bro Bono Manager at Cancer Council NSW, said the professionals involved with the service see the program as a valuable opportunity to strengthen their relationship with their local community. Cancer patient, Howie McQuarie, whose wife is currently receiving cancer treatment, said his family’s dreams were kept alive by the support and advice from AMP financial planner Mark O’Leary.

“Without our financial planner’s care and advice, some of our biggest goals for our children would have been lost,” Howie said.

“We can’t express our gratitude enough to those who so generously supported us through this incredibly difficult time.”

Melbourne-based AMP financial planner Mark O’Leary said the program enables him to provide support to cancer patients and their families when they need it most.

“Taking part in the Cancer Council pro bono program is a really rewarding experience. It allows me to use my expertise to help families through a time that puts great strain on them physically, emotionally and financially. If I can relieve some of this stress by helping to organise the family finances, I feel like I’ve made a positive and practical contribution to an otherwise difficult period,” Mr O’Leary said.

For more information about the Cancer Council Financial Planning Referral Service, call the Cancer Council Helpline on 13 11 20, or visit www.cancercouncil.com.au

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According to Cancer Council research, families can expect to lose more than $47,200 when a family member is diagnosed with cancer. Loss of wages and other mounting costs such as treatment, childcare and accommodation leave many patients in desperate need of immediate funds.

The research also revealed significant gaps in access to financial planning services due to cost, stress and sickness. This has placed many patients at risk of losing homes, accumulating significant debt and falling behind on expenses.
In response, AMP financial planners have joined forces to help patients with cancer-related financial issues such as early access to superannuation or insurance benefits, dealing with mortgage hardship and advising on Centrelink, debt management and budgeting.

“A diagnosis of cancer can be extremely traumatic and most patients are primarily concerned with getting through treatment,” Karen Conte, Programs Director of the Cancer Council Victoria’s Support Service said.

“But bills do add up and quite often patients have to work through some really important financial issues to make sure they and their family are properly protected during these difficult times.

“We are now working with AMP financial planners who are offering their services for free to reduce the stress and financial difficulties which can mount for many patients, especially when they lose pay from lost work during treatment,” Ms Conte said.

Louisa Fitz-Gerald, National Bro Bono Manager at Cancer Council NSW, said the professionals involved with the service see the program as a valuable opportunity to strengthen their relationship with their local community. Cancer patient, Howie McQuarie, whose wife is currently receiving cancer treatment, said his family’s dreams were kept alive by the support and advice from AMP financial planner Mark O’Leary.

“Without our financial planner’s care and advice, some of our biggest goals for our children would have been lost,” Howie said.

“We can’t express our gratitude enough to those who so generously supported us through this incredibly difficult time.”

Melbourne-based AMP financial planner Mark O’Leary said the program enables him to provide support to cancer patients and their families when they need it most.

“Taking part in the Cancer Council pro bono program is a really rewarding experience. It allows me to use my expertise to help families through a time that puts great strain on them physically, emotionally and financially. If I can relieve some of this stress by helping to organise the family finances, I feel like I’ve made a positive and practical contribution to an otherwise difficult period,” Mr O’Leary said.

For more information about the Cancer Council Financial Planning Referral Service, call the Cancer Council Helpline on 13 11 20, or visit www.cancercouncil.com.au

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