Neil Younger

Business services partner, Entireti, has partnered with specialist wealth management career and talent development platform, Striver, to launch a program that will place high quality graduates and job seekers in the group’s member firms, reinforcing its commitment to raising up the next generation of financial advisers.

The partnership will see Entireti’s advice networks, including Akumin, Fortnum and Personal Financial Services (PFS), white label Striver’s technology platform, which connects employers and candidates, and also features a range of education and training resources and tools.

Neil Younger, Entireti Group Chief Executive Officer, said the advice profession’s demand and supply challenges required greater attention from all stakeholders, including the government, tertiary education providers and service providers to the industry.

“We need more advisers to meet the advice needs of Australians and close the advice gap, and that includes investing in the next generation,” he said.

“As one of the largest advice business services providers, Entireti has the infrastructure and scale, and also a mandate, to invest in programs that will underpin the long-term growth and success of our advice businesses and the broader profession.”

Matt Lawler, Akumin Chief Executive Officer, said attracting and developing new entrants was in the group’s heritage and DNA and across the Akumin community many firms had mentored and continued to mentor professional year (PY) advisers.

He said the Striver partnership reflected the group’s desire to play an even bigger leadership role in replenishing adviser numbers, increasing the capacity of advice businesses to serve more clients, and building a sustainable, thriving profession.

“We’re here to help advice businesses grow and achieve their objectives, which involves attracting and retaining talent, and identifying future leaders,” Lawler said.

“We are excited to partner with Striver to connect employers and candidates, and create pathways for people to pursue a rewarding career in financial advice.”

Matt Brown, Chief Executive Officer of Fortnum and PFS said the partnership with Striver would connect employers and candidates, and create pathways for people to pursue a rewarding career in financial advice.

Alisdair Barr, Striver Founder and Chief Executive Officer, said Entireti currently represented the group’s only licensing and business services partnership, despite having garnered support from a number of fund managers, super funds, platforms and software providers.

“To achieve our mission to support 5,000 new advisers over the next decade to make advice accessible to 750,000 more Australians, we need to partner with organisations like Entireti to build a network of advice businesses that are committed to taking on new entrants, teaching them the ropes, and giving them a good experience so they stay in the profession and build their career,” he said.

“We’ve been successful at placing talent inside Akumin businesses for a number of years, leading to this opportunity to support the broader Entireti group, which we are extremely excited about.”

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Matt Lawler

Business services partner, Akumin (formerly AMP Financial Services), has added Victorian financial advisory practice, Pinnova Partners, to its Charter Financial Planning network, signaling the group’s reinvigorated focus on recruitment and growth, following its recent acquisition by Entireti and rebrand.

Established in early 2025 by principal, James Clough, Pinnova Partners is based in Melbourne and specialises in strategic advice spanning superannuation, investments and retirement planning, Centrelink and personal life insurance.

Akumin Chief Executive Officer, Matt Lawler, said the addition of Pinnova Partners demonstrated the group’s ability to deliver flexible, customised solutions and assist entrepreneurial advisers to start their own business, backed by institutional grade systems, processes and support.

“Our size, scale and experience uniquely position us to partner with businesses of all sizes and support advisers at all stages of their career to achieve their ambitions,” he said.

“James is a highly-qualified adviser who is passionate about delivering quality advice and growing his business. He represents the next generation of advice professionals and business leaders coming through and we are excited to partner with him to build his business from the ground up.”

According to Clough, Akumin’s ability and willingness to support single adviser practices made it stand out.

“I wanted a partner who could provide a lot of support throughout the initial stages of our journey while also offering a very strong compliance framework,” he said.

“I’ve taken the plunge to start my own advice business, and I’m fortunate to have the backing of an established general insurance business that will provide a sound referral network, along with Akumin, which has demonstrated that they can deliver the services and support I need.”

Entireti Group Chief Executive Officer Neil Younger said one of the group’s goals was to support the profession to replenish and grow adviser numbers by training, mentoring and developing the next generation of advisers.

“There’s a lot of focus on the professional year, and across Entireti there is a significant number of PY advisers, but we should also be fostering entrepreneurism and helping advisers to start and build their businesses,” he said.

“As a leading service provider to advice businesses, Entireti is committed to playing a leadership role in this area. Educating and training the next generation of advisers is very much in the DNA of Entireti, and particularly Akumin, and we want to continue that.”

Prior to establishing Pinnova Partners, Clough was a financial adviser at accounting and financial planning firm, Mulcahy & Co.

He holds a Masters of Financial Analysis and International Business, and a Bachelor’s degree in Business and Commerce.

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Matt Lawler

Business services partner, Entireti, will rebrand its NewCo subsidiary to Akumin, reflecting the group’s mission to build a fresh identity and forge a new path as one of Australia’s leading non-institutional providers of licensing and business support services.

Speaking at the group’s annual adviser conference in Brisbane yesterday, Matt Lawler, Akumin Chief Executive Officer said the rebrand marked another significant milestone in its separation from AMP and also celebrated the knowledge, capability and creativity of the group’s financial advisers and their teams.

“The name Akumin is inspired by the professional judgement, discernment and acumen of the experienced people across our network,” he said.

“These qualities and strengths are critically important in financial advice but our businesses and people are also innovative and progressive so we wanted a brand that reflected all our unique attributes and would help us standout in a competitive market.”

Alexis George, AMP Chief Executive Officer said the rebrand signalled an exciting new era for the businesses within the Akumin network and the broader advice industry in Australia.

“AMP has always believed in the life-changing benefits of quality financial advice and will continue to be an advocate for the profession as we maintain our close relationship with Akumin,” she said.

The launch of Akumin follows Entireti’s recent acquisition of AMP Limited’s financial advice businesses, including AMP Financial Planning, Hillross and Charter Financial Planning, which had been temporarily operating as NewCo.

Akumin houses those offers including AMP Financial Planning, which will be rebranded to Akumin Financial Planning.

Late last year, Entireti appointed an external creative agency to help develop a new brand identity, in collaboration with the group’s employees and advisers, that encapsulated its vibrant culture, long history serving Australians and bright future.

The process involved surveys, brand workshops and one-on-one engagement, in close consultation with the group’s representative body, The Advisers Association (TAA).

From a shortlist of names, Akumin was selected by the network.

According to Neil Younger, Entireti Group Chief Executive Officer, the rebrand, just months after the completion of the AMP transaction in December, highlighted the desire of the group’s advisers and employees to move forward, under a new name, vision and strategy.

“It is really exciting to start this next chapter with a new brand, and we remain focused on supporting Akumin advisers through this transition,” he said.

“Akumin, alongside the broader Entireti business, has exciting plans to grow and expand the range of services we deliver to advice businesses.”

Representing The Advisers’ Association, Scott Montefiore, said advisers were highly engaged throughout the process, resulting in the creation of a “great brand”.

“Akumin captures the essence of our advice community and what we stand for,” he said.

“It is professional, modern and a good platform to build out a compelling licensee offering to advisers. We look forward to continuing to work together to represent, protect and enhance the interests of our members.”

In total, Entireti, which includes Fortnum Private Wealth, Personal Financial Services and Akumin, has circa 1,300 financial advisers, 400 businesses and around 180 employees.

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Neil Younger

Business services and licensing group, Entireti has completed the acquisition of AMP Limited’s financial advice businesses, including AMP Financial Planning, Hillross and Charter Financial Planning – currently referred to as NewCo – and unveiled the group’s expanded senior leadership team.

Entireti, which houses Fortnum Private Wealth, Personal Financial Services and NewCo, now has circa 1,300 financial advisers, 400 businesses and around 180 employees.

According to Neil Younger, Entireti Chief Executive Officer, the group’s large, experienced team and commitment to hitting completion targets ensured a smooth transition and minimal disruption to day-to-day operations for businesses coming across while also maintaining high standards of service and support for existing businesses.

“Across the business, there is a sense of excitement and a strong alignment of vision and purpose,” he said.

“We’re excited about extending our position as the best service provider to advice businesses in the market, and we have the right team, operating model and strategy to achieve that.”

“Our size enables us to deepen our services and solutions for advisers and their clients. At the same time, as a house of brands, we can provide personalised service and support, and preserve and foster the characteristics that make each underlying proposition unique.”

Under the group’s new structure, the executive leadership team consists of:

• Neil Younger, Group CEO and Managing Director
• Glen Castensen, Group Chief Operating and Financial Officer
• Daniela Mascarello, Executive General Manager, Group Risk
• Matt Lawler, CEO NewCo (AMPFP, Hillross, Charter & Jigsaw)
• Matt Brown, CEO, Fortnum & PFS
• Cassandra Salmon, Executive General Manager, Group Technology
• Simone Munro, Executive General Manager, Group People and Brand
• Nick Hilton, Executive General Manager, Advice Delivery
• John Carnevale, Executive General Manager, Investment Services.

Younger said the group had plans about how to grow together, leveraging its national footprint.

“Our focus is not about being the largest, it’s about increasing our relevance for advisers and their clients both now and into the future,” he said.

“Our model supports multiple advisory brands and propositions under the one roof, underpinned by high quality, centralised shared services. We are an all-encompassing business partner to the advice community and our intent is to continue evolving our offerings to help advice businesses expand their capacity and capability so they can help more people and, in doing so, grow their business.”

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The team from Deakin University was one of eight finalists taking part on the day.

Now in its 14th year, AMP’s University Challenge is an annual financial planning competition for university students across the country.

Held in Melbourne, this year’s event provides a platform for identifying promising new talent and promoting high standards of education and professionalism among the next generation of advisers.

More than 6000 students from 21 universities across Australia have participated in the Challenge since it first began in 2011, with many going on to join the financial advice profession.

The AMP University Challenge is integrated into the curriculum and assessment and promoted among students studying financial planning majors at participating tertiary institutions including RMIT, Macquarie University and Deakin University.

Finalists were tested on their technical knowledge, undertook a mock advice interview with two clients and delivered a presentation on how advisers can position themselves to make the most of the intergenerational wealth transfer.

The finals were also a chance for the students to speak with senior advice professionals and financial planning academics and get advice on their studies and career opportunities.

Up to $6,000 prize money was on offer with the winning team taking home $3,000.

The judges for AMP’s University Challenge for 2024 were:

• Mathew Gale, General Manager and Director, Hanmoore Financial Solutions
• Marshall Ross, Partner Education Manager, MLC Life Insurance
• Phil Anderson, General Manager Policy, Advocacy and Standards, FAAA

The final placings for this year’s event were:

• 1st place: Jack Weiland, Jordan Bertucci and Ryan Auwardt (Deakin University)
• 2nd place: Muyeang Seng and Christian Mahon (Deakin University)
• 3rd place: John McMahon (TAFE NSW)

Matt Lawler, Group Executive, Advice at AMP said: “I’d like to congratulate all the finalists at AMP’s University Challenge for 2024, together with our winners Jack, Jordan and Ryan from Deakin University. At AMP, we’re passionate about empowering the next generation of advisers as a core pillar in helping continue to instil confidence in the professionalism of financial advice.

“Our team continues to work hard to strengthen our relationships with our tertiary partners, helping provide scholarships to the next generation of students and aspiring financial planning professionals.

“Together with Entireti, we will take advantage of our combined scale and service capability to play our part in helping guide the next cohort of talented advisers, nurturing and forming new pathways for careers in this outstanding profession.”

Mathew Gale, General Manager and Director, Hanmoore Financial Solutions said: “The AMP University Challenge is a valuable initiative for fostering the next generation of financial advisers.  We believe it is important to support programs that inspire and motivate those taking the steps to become true qualified advisers focused on providing high quality financial advice.

“This competition, combined with the Professional Year, plays a vital role in shaping well-rounded, capable advisers who will contribute to the future of financial advice in Australia.”

Marshall Ross, Partner Education Manager, MLC Life Insurance said: “It’s exciting to have the opportunity to see the exceptional standard from the student finalists at the AMP University Challenge and the huge potential they have to contribute to the financial advice profession moving forward. While the judging decisions were in no doubt challenging, these awards provide well-deserved recognition and help grow the profile of a future career in financial advice.”

Phil Anderson, General Manager Policy, Advocacy and Standards, FAAA said: “I was excited to be involved in the judging of AMP’s University Challenge again in 2024. This award is an excellent platform for highlighting and celebrating the outstanding students coming through the financial planning education system. This award shines a spotlight on the fantastic profession that financial advice is and the great opportunity it presents for those who are seeking to join a profession that delivers so much value to many Australians. We hope initiatives like this will help attract more young Australians into the profession over the coming years.”

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Matt Lawler

AMP Advice is pleased to announce that wealth management and strategic consulting group Stantins Financial Services has joined its network.

With its headquarters in Hawthorne in Melbourne, Stantins is a holistic, multi-disciplinary financial services firm that specialises in financial advice, estate planning, wealth management, accounting, business and lending advisory.

Stantins provides expert financial advice tailored to support the needs of small to medium businesses, multi-generational companies, start-ups and scale-ups. The group also provides both residential and commercial lending, servicing hundreds of client groups and self-managed super funds.

Practice principal and founder Spiros Livadaras said the move to join AMP Advice was driven by a desire to improve both Stantins’ cross-selling capacity, as well as differentiating their existing value proposition to help generate more financial advice opportunities and grow the business.

“We decided to align with a professional services partner who shares our broader vision, beyond the scope of financial planning alone,” he said.

Enhancing efficiency and effectiveness

The ability to operate independently while still benefiting from the practice management support and guidance of a larger professional services provider was another key reason why Stantins decided to join AMP Advice.

“In our commitment to continued growth, it was crucial to find a partner who not only understands the diverse financial needs of our clients, including lending solutions, but also supports our goals to enhance efficiency and effectiveness,” Livadaras said.

“With this partnership with AMP Advice, we will be able to offer innovative new financial solutions that better serve the evolving needs of our clients.”

Adviser satisfaction and practice profitability

According to AMP’s 1H 24 results, AMP Advice has continued to grow its advice revenue and its revenue per practice, up 16% and 11.6% respectively on the last quarter.

Adviser satisfaction remains strong at 80% for the period, according to AMP’s Advice Network Survey, a result driven by improved support service levels, as well as a sense of community and connection across the network.

Matt Lawler, AMP Group Executive, Advice said: “We’re thrilled to be welcoming Stantins Financial Services to our network as we continue to focus on supporting high quality financial advice firms across Australia.”

“We take the opportunity of working with Advice practices who see us as the right partner to help them achieve their goals very seriously – whether it’s growth, profitability or the ability to operate autonomously while continuing to benefit from the advantages of being part of a larger advice community, our team is here to add value.”

“Spiros has been helping both emerging businesses and individual Australian households with expert tailored financial advice and strategies around wealth creation for over 30 years.

“Together with Entireti, we have the right scale and strength to deliver a high-quality professional service for practices like Stantins, helping them take advantage of the talent, expertise and experience offered by both organisations.

“We are excited to be partnering Spiros and his team at Stantins into the future and we look forward to supporting them in their business growth endeavours.”

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Matt Lawler

AMP has partnered with advice community and careers technology platform Striver for its annual Brimstone event series, to be held in Sydney next week.

Now in its second year, Brimstone brings together current university students and graduates from across Australia as well as those seeking a career change into financial planning.

More than 400 students attended the Brimstone series to date, providing an important space for new entrants and aspiring advisers to hear from some of Australia’s largest licensees, advice practices and explore career opportunities within the financial advice profession.

Feedback received by Striver from students at last year’s Sydney event revealed more than 4 in 5 people would now consider advice as a career path. In addition, 2 in 5 attendees at the event were female, underscoring the importance of events like Brimstone in promoting careers in financial planning.

This year is the first time that Brimstone expanded interstate, with roadshows across Melbourne, Brisbane as well as Perth held last month.

Matt Lawler, AMP Group Executive, Advice said: “At AMP, we’re passionate about helping nurture and empower the next generation of advisers, helping instil confidence in the professionalism of financial advice.

“As a foundational partner of the Brimstone series, we welcome the opportunity to play our part in helping guide the next cohort of talented advisers and creating pathways for new entrants in advice.

“This year, AMP Advice has welcomed almost 40 ‘new to the advice profession’ advisers to its fold. We would like to increase that fourfold. With an increasing demand for financial advice from Australians, financial advice represents an exciting career path for graduates and we are keen to support the pathway of interested candidates through our practices around the country.

“Together with Striver, the team at AMP Advice continues to work hard to strengthen our relationships with our tertiary partners, helping provide scholarships to the next generation of students and aspiring financial planning professionals.”

Alisdair Barr, Striver CEO and Founder said: “The Brimstone series has been super successful over the last 12 months but it is only the beginning. We are feeling the groundswell of change and working with licensee groups like AMP adds magnitude and gravitas to the movement we are creating.

“We know this next generation of advisers are seeking structured pathways and clarity of opportunities which have been affected over the last few years so we are recreating those career pathways from the ground up, making advice as a career more accessible than it has been.

“With the audience Brimstone attracts, these events emphasise the social impact that careers like advice have in making a difference to many Australian futures.

“Through our partnership, AMP is showcasing support for creating fulfilling careers and promoting advice as a career. If your firm supports growing the next generation of advisers, we encourage you to join us at Brimstone.”

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Matt Lawler

AMP Advice is pleased to announce the official launch of Hatch Financial Group, an aligned advice practice in Western Australia.

Led by Nick Hatch, an experienced adviser who has been with AMP for almost 20 years, Hatch Financial Group provides strategic advice to young professionals and small business owners, as well as retirees and pre-retirees across Perth and regional WA.

Practice principal and founder Nick Hatch started his career as a co-owner of All West Financial Group licensed by Charter, a division of AMP Financial Planning, where he specialised in retirement advice.

He ran the business with his partner Martin Welsh for 16 years before it was acquired by Sage Financial Group in 2021.

Hatch decided to take the next step in his professional journey and establish his own practice under the AMP Advice network, which offers him the autonomy and flexibility to run his business as he sees fit, while still benefiting from the support and guidance of a large and reputable licensee.

He enjoys helping his clients achieve their financial goals and providing them with ongoing support throughout their life stages.

“Providing opportunities to more Australians and presenting options to put them in a better financial position is really what we’re doing,” Hatch said.

“Being able to continue looking after that relationship and being able to effectively hold their hand through retirement is really what is valued by your clients.”

The ability to run his own practice while still benefiting from the support and guidance of a larger licensee was one of the key reasons Hatch set up its own business and joined AMP Advice.

“I’ve been with Charter for many years and I wanted to continue on with that relationship. It’s been a mutually beneficial relationship over the years and that sort of continuity was important for me,” Hatch said.

Autonomy with dedicated ongoing support

Equally important was the opportunity to be able to run his own business through a flexible business model and have a more diverse business offering, a trend which is becoming more common with smaller advice practices in Australia.

According to Adviser Ratings, small practices of one to 10 advisers have seen a 17 per cent rise since 2018, with a growing number of advisers preferring to start their own practice or join a micro-AFSL^[1].

“For me, it was that having the autonomy here again to be able to run my own business, being in control of what I was doing was really appealing to me. And also, remaining in Charter was a big thing for me,” Hatch said.

“AMP Advice have got a strong compliance program and I’ve got some strong relationships there with the management. It’s always really important to understand who the people are you are dealing with. They really delivered on what they said they were going to do, which was a key aspect. And it’s been great.”

Matt Lawler, AMP Group Executive, Advice said: “We’re thrilled to be welcoming Hatch Financial Group to our network as we continue to focus on growth and building out our licensee offer for more advice practices across Australia.”

“As the operator of one of Australia’s largest licensee networks, we understand what advice practices are looking for to operate profitably and compliantly under a corporate license.”

“AMP is the right partner to help more practices large and small across Australia to achieve their goals – whether it’s growth or the ability to operate autonomously while continuing to benefit from the advantages of being part of a larger licensee.”

“We also understand many advisers are looking to run their practice under their own license so we’ve packaged our services and capability into Jigsaw Advice Solutions, which we’re confident will benefit the growing number of self-licensed financial advisers.”

“Nick has been providing financial advice and support to his Perth client community for almost 20 years and the establishment of Hatch Financial Group in WA is an exciting step forward for his advice business.”

“We wish Nick and his team every success for the future and we look forward to supporting him in business.”

———

[1] Source: Adviser Ratings. A spotlight on Australia’s average financial adviser: Adviser Ratings | Adviser Ratings

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Edwina Maloney

AMP Advice has engaged BlackRock Australia and Lonsec to introduce a new category of tailored managed portfolio solutions, making it accessible to more advice practices – a first of its kind in the Australian market.

Advisers will have access to portfolio performance tracking and dedicated content support allowing them to monitor their holdings, performance, and access trade notices and market commentaries that can be white-labelled for their client base^[1].

The portfolios use BlackRock’s multi-asset investment expertise and global custom managed portfolio technology, together with Lonsec’s investment manager research and manager selection capabilities to deliver portfolio customisation at scale to advice practices.

The solution is underpinned by BlackRock’s global managed portfolio customisation technology, which is only currently available in the US.  AMP Advice is able to create a suite of managed portfolios that make it easy and cost-efficient for AMP Advice practices to create tailored portfolios.

A new era in managed portfolios

North has seen a 50% increase in advisers using MyNorth Managed Portfolios over the last two years^[2]. And according to a report by independent financial services research firm Investment Trends, managed account solutions are growing in popularity in Australia with 56% of advisers surveyed last year saying they had used them for their client investments, up from 16% in 2012.^[3]

However, some advice practices have been unable to adopt managed accounts, where off-the-shelf solutions may not be suitable due to manager incumbency or preferences within the existing portfolios, and the lack of scale required to access fully tailored managed portfolios.

Thanks to this new innovation, AMP Advice is helping both practices within its network, as well as the increasing number of advisers who operate under their own AFSL to take full advantage of a pioneering managed portfolio solution – one that offers customisation to suit a practice’s individual requirements and investment philosophy.

Exclusive access through North and AMP

Advice practices, both through the AMP Advice network and other eligible practices, can access the new offering directly and exclusively through AMP’s North platform.

It will also be made available to self-licensed practices through Jigsaw Advice Solutions, AMP Advice’s dedicated service for independent financial advisers and self-licensees.^[4]

Currently, North has the fastest growing managed portfolio offering in the market – approaching $15 billion in funds under management, up from $2 billion in 2021.  It was recently awarded the Most Improved Platform and Best Retirement Solution by Investment Trends^[5], reflecting how North’s innovative retirement offer and adviser-driven continual improvement program are creating better outcomes for advisers and their clients.

The offering further builds on North’s existing stable of more than 380 portfolios with leading asset managers, covering numerous asset classes and investment strategies

Matt Lawler, AMP Group Executive, Advice said: “We’re excited to be launching a unique entry point into managed accounts for advice practices large and small that will for the first time bridge the gap between off-the-shelf and fully tailored private label managed account solutions.”

“Through this innovative new offer, AMP-aligned practices as well as smaller eligible practices through Jigsaw will be able to create tailored, high-quality investment portfolios for their clients which are governed, managed and administered by world class asset managers utilising world class tech. We recognise the value managed portfolios are providing advisers and their clients, but that many smaller advice practices don’t have the required scale to benefit from them. That’s why we’ve partnered with BlackRock and Lonsec to pave the way forward with an industry-leading solution that addresses many of the traditional barriers to adoption – including personalisation, incumbency and scale.”

Edwina Maloney, AMP Group Executive, Platforms said: “At North, we’re focused on helping practices deliver great advice to their clients more efficiently. At the heart of this is our commitment to expand and strengthen our managed portfolio offers, including the ability for IFAs and larger advice practices to tailor portfolios for their clients.”

“That’s why we’re thrilled to be the first platform in Australia to offer these new portfolios, allowing more advice practices to grow their businesses, improve end client outcomes, and efficiently service more clients.”

“Our managed portfolios continue to be the fastest growing in market thanks to the support from our advisers, asset consultants and fund managers we work with. We have one of the most flexible offers available and we’re continuing to build our unique badged portfolio solution, adding a greater degree of flexibility to help a broader range of practices.”

Katie Petering, Head of Multi-Asset Investment Strategy, BlackRock Australasia said: “As pioneers of managed portfolios in the Australian market, we are excited to work with AMP and Lonsec to build a new model portfolio solution that will enhance how AMP Advice and North serves advisers. By drawing on the breadth of our global platform, Australia will be the first market outside of the US to benefit from BlackRock’s global model portfolio customisation technology.”

“This reinforces our commitment to continuously look for ways to introduce innovation in a sophisticated market like Australia, with the primary goal of democratising access to model portfolios for a broader base of advice practices.”

Michael Wright, Lonsec Group Chief Executive Officer said: “We are thrilled to work with AMP and BlackRock to bring the next generation of managed accounts to market. This new managed portfolio solution will empower licensees like AMP Advice to create a suite of tailored portfolios that can allow certain customisations within the scheme for aligned practices – a first-of-its-kind breakthrough in the Australian wealth market. We expect this new managed portfolio solution will enable more advice practices to be able to reap the benefits of managed accounts for their businesses and clients.”

——–

Notes:
[1] Available through BlackRock’s Model Evaluator Portal
[2] Source: North data
[3] Source: January 2023 Managed Accounts Report by Investment Trends
[4] Included as part of a practice’s Jigsaw licencing package, at no additional cost
[5] Source: 2023 Platform Competitive Analysis and Benchmarking Report by Investment Trends

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Matt Lawler

AMP Advice has partnered with leading fintech Yodal to provide financial planning practices with access to a comprehensive Estate Planning Service.

Practices in AMP’s network can now elect to incorporate the service, including Yodal’s practice-branded workflow solution, as part of their tailored package of professional services for their clients.

The innovative, end-to-end service comprises initial and ongoing training, together with an advice toolkit, practice marketing, re-use of Xplan data as well as access to the Yodal solution.

Launched at Advice LIVE, the Estate Planning Service forms a core part of AMP Advice’s client solutions value proposition in assisting more advice practices to grow their business, increase their revenue and respond to burgeoning client demand for estate planning.

Preparing for Australia’s great intergenerational wealth transfer

According to research by The Demographics Group, Australia is one of the richest nations in both absolute and GDP per-capita terms, having grown its GDP per capita from $17,000 to more than $63,000 in the space of 30 years.

Changing attitudes towards wealth means Australian wealth is no longer solely tied up in the family home, with the proportion of dwellings owned or mortgaged in Australia declining from 73% to 63% over the last 60 years.

The annual value of intergenerational wealth transfer has more than doubled since 2002 and could rise four-fold in real terms between now and 2050, as household wealth grows and the population ages.

However, two out of three​ Australian adults still do not have a valid or current will and an estimated 70%​ of household wealth is forecast to be lost in the next generation due to a lack of adequate estate planning and advice​.

Streamlining the estate planning service

By partnering with Yodal, AMP is equipping practices with a market-leading solution that helps practices manage intergenerational wealth transfers with ease and plan for client succession.

The service also provides practices with an ability to get dedicated legal support, ensuring they are prepared, confident, and can provide the best service to their clients when facilitating estate planning.​

The introduction of the Estate Planning Service is part of AMP Advice’s strategic initiative to provide comprehensive and value-added services, enhancing the capabilities of its financial advice network.

Matt Lawler, Group Executive, Advice, AMP said: “We are excited to introduce estate planning as a key component of our services offering for the Advice network, helping more of our advisers nurture and grow their business.

“Estate planning is a top priority for our practices and we are focused on helping our advisers realising their growth ambitions and enriching the services they provide.

“By aligning with the evolving priorities of advisers and clients, AMP continues to drive innovation and growth in its Advice business.

“With nine million Australians heading into retirement over the next forty years, our partnership with Yodal will allow us to empower more advisers with the tools and resources needed to navigate this complex landscape efficiently.

“This initiative aligns seamlessly with our overarching vision to solidify our position as Australia’s leading professional services provider by delivering unparalleled value to our practices and their clients.”

Bernard Salt, Executive Director, The Demographics Group, said: “Often described as the ‘lucky country’, Australians are bound together by a culture of aspiration, by access to opportunity, and by the relentless pursuit of a good quality of life.

“The last 100 years have seen significant changes in our attitudes to wealth.  The current generation of retirees represents the greatest demographic aggregation of Australians in the non-work stage of the lifecycle.

“The scale of these demographic factors today let alone in the decade ahead will shape the way we manage the transfer of wealth from the older to the younger generations.

“Managing wealth later in life requires thoughtful application as well as expertise, prompting the need for a focus on estate planning by retirees (and others) across Australia.”

Brandon Thompson, Chief Executive Officer, Yodal said: “Estate planning represents a significant commercial and client servicing opportunity for financial services professionals.

“We’re delighted to be partnering with AMP and helping more practices ensure that their clients’ wealth is transferred in accordance with their wishes, and their legacy and loved ones are protected.

“With an unwavering commitment to supporting our partners and their customers, Yodal leverages simple, secure, market-leading technology to deliver a full end-to-end estate planning solution including mandatory legal review by your chosen or preferred lawyer on every matter.”

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