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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Mark McLennan

Specialist managed discretionary account operator, managedaccounts.com.au will soar past the $1 billion in assets under administration mark after launching services with two of Australia’s largest boutique financial advisory firms.

Sydney-based Affinity Wealth Services and Melbourne-based Redgum Wealth Group have both integrated the managedaccounts.com.au MDA solution into their businesses.

Affinity Wealth Services, which spun out of AMP-owned dealer Hillross in 2009, signed with managedaccounts.com.au in January and will transition around $180 million into the new MDA solution over the next 12-18 months.

The firm has approximately $350 million in assets under advice and employs 24 staff across its wealth management, financial planning and accounting businesses.

Affinity Wealth Services principal, Keith Jones said the firm’s new MDA solution allowed it to focus on the delivery of quality service and advice without being distracted by back office administration.

“We looked at a number of different administration systems as well as virtual platforms and we chose the managedaccounts.com.au structure because it suits how we manage money and delivers greater transparency, accuracy and flexibility,” he said.

Redgum Wealth Group is also currently rolling out the managedaccounts.com.au MDA service to its 200 clients.

Principal Mark McLennan said he expected the new service to reduce the group’s administration workload and allow for greater time and resources to be spent on enhancing its investment research and portfolio management capabilities.

“We started to experience capacity constraints because previously every individual client portfolio has to be handled separately,” he said. “With this system, we’re more efficient and productive. We can still individualise client portfolios and the business can continue growing at a steady pace.”

Redgum employs nine staff including four advisers and has over $200 million in assets under advice.

David Heather, CEO of managedaccounts.com.au said the group had experienced strong growth in the last 12 months, signing a number of independently-owned boutique groups including GPS Wealth, Affinity Wealth Services and Redgum Wealth, in addition to being in advanced discussions with several quality businesses.

“The arrangements with Affinity and Redgum are significant in that both firms have previously administered client portfolios off platform but have seen the need to migrate to a MDA structure for advice efficiency as well as administration efficiency. Any advice business contemplating providing equities advice on a large scale should take the time to look at the range of options available.”

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In a new category, Western Australia’s Perry Lelati of Pi3 has been awarded Hillross New Adviser of the Year.  

The Hillross Awards Program recognises advisers and advisory firms across the country for their high levels of professionalism, wealth management expertise, customer service and business efficiency. 

For Hillross Managing Director Hugh Humphrey the awards are a chance to recognise the high standards of professionalism across the Hillross advice network. 

“All our nominees have contributed the highest levels of service and quality advice to their clients, while contributing to the wider community and the profession as a whole,” Mr Humphrey said. 

Adviser of the Year
Hillross Adviser of the year David Heyworth has been a Hillross adviser since 2005 and joined Edney Ryan Wealth Management in 2008. 

Mr Humphrey said Mr Heyworth was a deserving winner and the overwhelmingly positive feedback from his client base is testament to this. 

“David upholds the highest of professional standards and manages to carefully balance the needs of his existing clients while growing his business for the future,” said Mr Humphrey. 

Advisory Firm of the Year
Mr Humphrey said Hillross Horsham receiving the Advisory Firm of the Year award showed how quickly the practice had become a significant part of the network.  Formed in 1990 and formerly part of the IRIS group, they joined Hillross in 2011. 

“Hillross Horsham is a focused and energetic practice with a commitment to delivering the best client experience possible, along with ensuring ongoing staff development and strong involvement in their local community,” Mr Humphrey said. 

New Adviser of the Year
Mr Humphrey said the new category was introduced in response to strong growth across the Hillross network. 

“After joining Hillross 18 months ago, Perry has worked on growing his business while also demonstrating outstanding commitment to clients – with a strong focus on the client experience – as well as to the local community,” he added. 

The awards are open to financial advisers with a Certified Financial Planner qualification and advisory firms across the Hillross network.  The winners are determined by an expert panel of industry representatives, including Mark Rantall, Chief Executive Officer of the Financial Planning Association (FPA).

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Experts’ Choice is a range of wholesale managed funds employing a multi-manager approach to investment management. 

Hillross Managing Director Hugh Humphrey said the $1 billion milestone was a great result in a tough market. 

“It’s a significant achievement to reach $1 billion in FUM for the Experts’ Choice Funds range which has proven to be a very attractive investment option for advisers to offer their clients,” Mr Humphrey said. 

“The Experts’ Choice Funds have grown from $500 million at the end of 2008 to more than double its size over a challenging period that included the global financial crisis and continued volatility in investment markets. 

“Despite the volatility, efficient portfolio construction has delivered clients reduced risk and more consistent returns. While the funds have a primary focus on maximising longer term return outcomes, the portfolio construction approach also has a strong focus on capital preservation,” said Mr Humphrey. 

Launched in 1996, the flagship Experts’ Choice Balanced Fund has outperformed its benchmark over one, three, five, 10 and 15 year periods. All other 8 Experts’ Choice Funds have also delivered excellent relative performance outcomes.

The Experts’ Choice approach blends investment strategies and styles to produce an investment outcome that performs well in most market conditions.  It offers clients balanced, conservative and growth investment options and access to a range of asset classes including Australian equities, international equities, emerging market, fixed interest, property, infrastructure and cash. 

The Experts’ Choice Funds are open to all investors via a range of administration platforms including North, PortfolioCare, Personalised Portfolio and Macquarie Definitive Wrap.

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AMP’s Ascend SMSF enables AMP aligned planners to deliver a better customer experience at a lower cost to the customer as a result of improved technology and usability, through the fund’s administration service and investment options.

The Ascend SMSF service is being rolled out to SMSF accredited planners in AMP’s aligned advice network in the second half of 2012 starting with AMP Financial Planning and Hillross. 

The enhancements and new features include a significantly improved online service, powered by Super IQ technology, with an easy to use web portal, better reporting, instant online access to fund information and the ability for planners to complete a new SMSF application in minutes rather than hours. 

At the same time, administration and audit fees have been reduced and additional investment options added, including AMP’s North platform and PortfolioCare, and The Australian Money Market term deposit service.  

AMP SMSF Managing Director Paul Sainsbury said the new Ascend SMSF service, which is exclusive to AMP’s aligned financial planning network, is a key component of AMP’s new SMSF business strategy. 

“Ascend SMSF recognises the growing role of financial planners in the SMSF sector by providing a high level of support to deliver high quality solutions to SMSF customers. 

“We have taken significant steps to enhance Ascend SMSF and to make it even more competitive.   The new service offers more features at a lower price and improves the automation of management reporting and compliance obligations so planners and advisers can spend more time with their clients,” Mr Sainsbury said.

The original Ascend service launched in 2009 was only available to AMP Financial Planning and Hillross financial planners and advisers.

 Options

There are two options within Ascend:

Essentials – A package of SMSF-aligned products and services, including platforms, within the administration service.  This provides an easy transition into SMSFs for planners and clients new to SMSFs. 

Platinum – A more flexible service with a broader range of products and services suitable for more sophisticated clients with the same benefits around online services, compliance and reporting. 

AMP Financial Services’ aligned financial planning network comprises AMP Financial Planning, Charter Financial Planning, Hillross, Genesys Wealth Advisers and ipac.

27 July 2012

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Launched at the January 2012 Planner conference, Hillross has introduced new apps for advisers to download and use as engagement tools in client meetings. Apps can be used for quoting or provide simulation software, or scenario planning that help ‘picture your tomorrow’ so clients can understand where they are and what they need to do to achieve their goals.

Below are the eight recently introduced apps, designed to assist planners with the scoping of advice, gathering data about clients and illustrating various advice strategies. Additional apps for client engagement will be launched later this year.

• Home Loan calculator – designed to determine the minimum weekly, fortnightly or monthly loan repayments required for a specified borrowed amount over a selected period. Calculations can be performed for both ‘Principal and Interest’ or ‘Interest only’ loan types.
  Insurance needs calculator This calculator is intended to provide broad guidance on the level of insurance cover required to meet debt obligations and replace a portion of income in the event of death, TPD or temporary disablement.
• My Money Choices budget planner  –  designed to help clients to assess their current financial situation, and to give them some idea of the amount they can afford to invest. It provides for a perfect opportunity to engage consumers not currently seeking financial advice.
• My Money Choices scoping tool – this application leverages the highly popular scoping wheel and scoping pads which are currently available for use in hard copy format. The application allows planners to annotate segments of the My Money Choices wheel and to commence Fact finding with the client and records details electronically in the electronic scoping pad.
• Picture Your Tomorrow – a client engagement approach to help more Australians own their tomorrow, by first picturing it. It is a way of linking a client’s future desires with a financial plan for today. The iPad app is designed to emotionally engage new and existing clients visually. It has been designed to complement your existing advice processes.
• Risk profiler – contains the standard risk profiling questions from AMP’s Fact finder. It is designed to assess a client’s attitude to, and appetite for, investment risk. The profiler allows the client to provide answers to questions to determine the most appropriate investment strategies to match their investment risk profile.

• Super contributions calculator – designed to compare the effect on take-home pay and superannuation accounts of either making contributions to super using salary sacrifice or from after tax salary.
• Super simulator – designed to work out how much an individual may need to retire and whether they are on track. It is intended as an educational tool, helping the individual to see the long-term effects on their superannuation of the things they may be able to control, and that could have an impact such as the age at which they will retire; their investment mix; and making extra contributions.

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The annual event, held this year at the National Gallery of Australia, recognises advisers and advisory firms across the country for their high levels of professionalism, wealth management expertise, customer service and business efficiency.

Adviser of the Year
Jonathan’s ability to look out for the client’s best interests and challenge the way things are done caught the judge’s attention. Professionalism and acting in an ethical framework are at the heart of every client decision for Jonathan who is a Senior Financial Adviser and Principal at Arrive Wealth Management in Sydney.

Hillross Managing Director, Hugh Humphrey said: “Jonathan’s depth of experience and qualifications combine to provide clients with ‘holistic’ financial advice. It is great to see how every year brings another level of advisor professionalism in financial services. The awards’ recognise the great work our advisers are providing.”

Jonathan is a Certified Financial Planner with the Financial Planning Association and a Chartered Accountant Financial Planning Specialist. In a challenging year for financial advisers, Jonathan’s approach has been instrumental to Arrive Wealth Management success with growth now at pre-GFC levels.

Firm of the Year
Arrive Wealth Management SEQ has maintained its exceptional levels of customer service and financial advice excellence winning the Hillross Firm of the Year award for the second year running.

“Arrive Wealth Management has set the bar high for customer service in financial services. Building strong relationships with clients and performing regular reviews keep clients coming back. Every aspect of its advice and how it has set up its business is the standard all financial organisations should benchmark against,” Mr Humphrey said.

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Mr Humphrey joins Hillross from Singtel Optus where as Director, Mobile and Convergence he was
responsible for its integrated mobility offerings for corporate and government customers.
AMP Director of Financial Planning, Advice & Services Steve Helmich, said Mr Humphrey will be
charged with growing the Hillross business in an increasingly competitive market.

“Hugh’s appointment will bring a fresh approach to the Hillross business. His extensive sales and
marketing experience with some of Australia’s largest and most competitive companies will ensure
Hillross is well placed for future growth.”

Prior to joining Optus Mr Humphrey spent six years with Vodafone in a number of senior roles
including General Manager Business Markets and General Manager for People and Brand.

Mr Humphrey started his career as a Management Consultant at PricewaterhouseCoopers and
later with IBM Business Consulting Services after its acquisiton of the PwC Consulting business in
2002.

Mr Humphrey has a Bachelor of Commerce with double majors in Marketing and Economics from
The University of Sydney and is completing his MBA at Henley Management College within the
University of Reading (UK).

Ray Djani, who has made a significant contribution to Hillross, especially over the last few months
as acting Managing Director, will continue in the acting MD role until Mr Humphrey joins in
November.

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