AMP Chief Executive Craig Meller said the new group structure delivers sharper  focus on performance in the core Australian businesses, drives efficiency  across the group and provides increased emphasis on the growth drivers in the portfolio.

The key changes to the group leadership team are:

• Wealth Solutions and Customer: Paul Sainsbury will lead a new division bringing together customer, wealth  management and product solutions.
• Advice and New Zealand: Jack Regan, currently Managing Director New Zealand, will lead an expanded  portfolio, assuming responsibility for AMP’s advice businesses. Mr Regan will retain responsibility for the  management of AMP New Zealand.
• AMP Bank: Sally Bruce will join the  group leadership team as Group Executive, AMP Bank.
• Insurance: Megan Beer will be appointed Group Executive, Insurance, bringing single point accountability to the stabilisation and management of the insurance business.
• Technology and Operations: Craig Ryman will become Group Executive, Technology and Operations, assuming an expanded portfolio combining IT and operations.
• Enterprise Risk Management: Saskia Goedhart, Chief Risk Officer, will join the group leadership team.

The leadership changes are effective 1 January 2017.  Management of the other divisions remain  unchanged.  An updated structure chart and biographies are attached.

As a  result of the changes, three executives will leave the organisation: Pauline Blight-Johnston, Group Executive, Insurance, Super and Risk Management; Rob Caprioli, Group Executive, Advice and Banking; and Wendy Thorpe, Group Executive Operations. Ms Thorpe had previously advised her intent to retire and will leave the business in early  2017 after helping to ensure the smooth transition of the operations  function.  Ms Thorpe will also shortly  join the board of AMP Bank as a Non-Executive Director.

“I would like to thank those  executives who are leaving the organisation for their contribution to AMP and  to the transformation of our core Australian business during the past three  years.  I wish each of them well for the future,” said Mr Meller.

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Rob Caprioli

AMP has launched a contemporary financial advice business, AMP Advice, creating a new customer experience and making goals-based advice more accessible to more Australians.

AMP Advice combines interactive technology with personalised advice to help customers explore, plan, track and realise their goals.

The implementation follows an extensive period of testing and feedback from AMP’s aligned adviser network and customers.

AMP Advice encompasses:

• AMP Advice branded practices located around Australia where customers can identify their goals using
• AMP’s new Goals Explorer technology. Working with a Goals Coach they can choose from 29 goals identified by AMP’s research as being most popular for customers or create new goals specific to their circumstances.
• Access to My Money Style, a unique application customers complete to reveal their behaviours with money and risk appetite.
  Advice Explorer scenario modelling which customers and advisers use together to develop lifestyle and financial plans targeted at achieving their specific goals.

AMP Group Executive Advice and Banking Rob Caprioli said the purpose of AMP Advice is to make goals-based advice more accessible to the 80 per cent of Australians who don’t currently have a relationship with a financial adviser.

“When delivered well we know face-to-face financial advice improves the lives of our customers.

“We also know the concept of personal goals has long been the foundation of the most effective financial advice. This principle has driven the development of AMP Advice, through which goals frame every aspect of the advice process,” said Mr Caprioli.

AMP research indicates that Australians who have clearly defined goals and a plan to achieve them are under considerably less financial stress.

David Akers has been appointed Managing Director, AMP Advice, reporting to Mr Caprioli. Formerly Director of Future of Advice Business Solutions at AMP, Mr Akers will lead AMP Advice as it expands its national footprint.

There are currently 11 AMP Advice practices located around Australia, with between 20 to 30 expected to be operational before the end of the year.

AMP’s employed adviser licensee, ipac, is currently transitioning to the model, with five locations now operating as AMP Advice.

AMP’s other aligned licensees, Hillross, Charter and AMP Financial Planning will continue to operate under their existing brands and structures.

In announcing AMP Advice, Mr Caprioli reinforced AMP’s commitment to its existing advice network.

“We are continuing to invest in technology and systems which will benefit all our advisers, allowing them to spend more time with more customers.

“We also recognise that to deliver more advice we must operate to the highest standards of professionalism,” said Mr Caprioli. “Ethics, education and high customer service standards will continue to be integral to how we deliver advice.”

In August 2014, AMP announced a series of measures across its advice network to significantly lift the bar on adviser professionalism and reinforce its commitment to stand behind the advice it gives to consumers.

AMP Advice is core to AMP’s strategy to become a more customer focused, goals-based organisation. It will integrate with a range of other AMP goals initiatives planned for release in the second half of 2016. These include the AMP Bett3r Account, which helps customers simplify their finances, a solution to help manage and optimise income through retirement and a holistic insurance offering.

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Ms Bruce will have overall responsibility for all areas of AMP Bank, including its range of savings and transaction accounts, home loan products, strategy, marketing and distribution.

Ms Bruce joins AMP from National Australia Bank where she was most recently CFO Business and Personal Banking.

Mr Caprioli said: “Sally’s extensive knowledge of retail banking and expertise across financial services makes her an ideal choice to lead AMP Bank.

“AMP Bank is an important part of AMP’s overall offer and a key contributor to our customer focused strategy. Sally’s experience and track record in consumer finance will be invaluable in continuing this momentum.”

Ms Bruce was appointed following an extensive search. Her appointment is effective 31 August, 2015.

Ms Bruce will succeed Michael Lawrence as Managing Director, following a decision by Mr Lawrence at the beginning of this year to leave the business.

“Michael has been instrumental in building AMP Bank into an important contributor to the overall AMP business. I’d like to thank him for his outstanding leadership and his enormous contribution to the bank’s ongoing success”, Mr Caprioli said.

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Ms Doyle will be responsible for strategy, business growth and retention while continuing to drive advocacy through corporate super’s critical customer, employer and financial adviser relationships.

Ms Doyle brings to the role significant experience in financial services, most recently at BT Financial Group where she was Head of Retail and Corporate Superannuation.

“Vicki has an impressive background with 15 years’ success in senior leadership experience across superannuation, retail banking, life insurance and wealth management.

“Appointing someone of Vicki’s calibre is further evidence that corporate super is core to AMP’s business.

“Most of AMP’s customers commence their relationship with AMP through corporate super.  Vicki’s expertise will further elevate our strong customer proposition as we continue to drive high levels of engagement that help our customers lead the lives they want to lead in retirement”, Mr Caprioli said.

Ms Doyle holds an Executive MBA from the Australian Graduate School of Management and a Diploma from the Australian Institute of Company Directors and has extensive Trustee experience, including as an Executive Director on the Suncorp Portfolio Services Trustee Board.

Ms Doyle’s appointment is effective 23 March 2015.

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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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Pauline Blight-Johnston

AMP has announced key leadership appointments for its two newly created business divisions – Insurance and Superannuation, and Advice and Banking effective 20 January 2014.

The appointments come after AMP CEO Craig Meller announced his leadership team in October and are the next step in creating a leaner, more efficient and increasingly customer-driven organisation.

AMP Group Executive Pauline Blight-Johnston of the newly created Insurance and Superannuation division has made three appointments to her leadership team. The division is responsible for the company’s risk insurance, superannuation, investment, pensions and platforms business portfolios.

Megan Beer has been appointed Director, Insurance and will join AMP from NAB in February 2014.

Ms Beer has over 20 years’ experience in the actuarial and insurance industry. Prior to AMP she headed up NAB’s wealth management and insurance proposition through the bank channel, as General Manager Bancassurance and Direct.

Ms Beer will be responsible for driving AMP’s insurance business through a time of change for the industry, and bringing together services from across AMP to provide a sustainable and attractive customer insurance experience.

Patricia Montague has been appointed Director of Superannuation with responsibility for superannuation, retirement and platform investment products. Ms Montague joined AMP in August 2013 as Director Wealth Management Products.

Ms Montague joined AMP from the Commonwealth Bank of Australia where she was the General Manager of Retail Customers and Transformation.

Melinda Howes has been appointed Director Product Strategy and Services with responsibility for portfolio strategy and shared technical services across the Insurance and Superannuation business.

Ms Howes joined AMP in November 2013 from the Actuaries Institute, where she was CEO for more than three years. She has held senior positions at ASFA, and at BT Financial Group where she was Director of Superannuation and Retirement Products. She is well known in the industry for her expertise in issues around retirement, longevity and superannuation adequacy.

Ms Blight-Johnston said the appointments put AMP in a strong position to deliver a great experience to its customers in the rapidly changing insurance and superannuation environment.

“This is a strong team with the depth and breadth of experience we need to sustainably deliver the right solutions to our customers and to continue to remain contemporary and successful in a quickly changing world,” Ms Blight-Johnston said.

The AMP Advice and Banking division led by Group Executive Rob Caprioli is responsible for AMP’s advice, banking and corporate superannuation business portfolios; effectively bringing together the key channels through which customers come to AMP.

Mr Caprioli has made the following appointments to his team:

Steve Helmich takes on the role of Executive Director Financial Planning. AMP will leverage Mr Helmich’s extensive experience and understanding of the financial advice profession within its multiple advice brands and with external audiences. Mr Helmich will also represent AMP locally and internationally on key boards and forums.

The management of AMP’s advice businesses’ five licensees will be streamlined under three management teams.

Michael Guggenheimer, currently Managing Director of AMP’s biggest licensee, AMP Financial Planning (AMPFP) will have additional responsibility for Hillross. Tim Steele as Managing Director of ipac and Genesys will take on additional responsibility for Genesys, while Kevin Stone will continue as Managing Director of Charter Financial Planning.

Hugh Humphrey has been appointed Director Channel Strategy and Transformation and will be responsible for aligning business strategies with customer expectations across AMP’s channels. Mr Humphrey was previously Managing Director of Hillross.

Libby Roy and Mike Lawrence remain in their respective roles as Director Corporate Superannuation and Managing Director AMP Bank.

Mr Caprioli said the new division’s structure means that AMP has, for the first time, a single leadership team responsible for the primary ways customers join AMP.

“The significant depth of talent and experience in my team means we can deliver a seamless, effortless and personalised experience for our customers, no matter how they choose to begin a relationship with us. We will work closely with the rest of the business to deliver the products and services our customers want,” Mr Caprioli said.

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Mr Meller said the new structure and team reflects AMP’s plans to build a leaner, more efficient and increasingly customer-driven organisation.

The new structure brings together the senior leaders collectively responsible for delivering customer solutions across the organisation, as part of the one senior leadership team.

“I’m excited to announce the team that will take AMP forward as we enter the next phase of our evolution.  This new simpler structure will allow us to sharpen our focus on customers and respond to emerging opportunities more rapidly,” Mr Meller said.

The new Group Leadership Team is comprised of the following executives:

Lee Barnett – Chief Information Officer, responsible for AMP’s information technology function, workspace and sourcing.

Pauline Blight-Johnston – Group Executive Insurance and Superannuation, responsible for AMP’s risk insurance, retail superannuation, investment and pensions, and platforms business portfolios.

Rob Caprioli – Group Executive Advice and Banking, responsible for AMP’s advice, banking and corporate superannuation business portfolios.

Stephen Dunne – Managing Director AMP Capital, responsible for AMP’s investment management, investment performance and Asian growth strategy portfolios.

Gordon Lefevre – Chief Financial Officer, responsible for AMP’s finance function, effective 1 March 2014.

Matthew Percival – Group Executive Public Affairs and Chief of Staff, responsible for AMP’s public affairs function and the Office of the CEO.

Paul Sainsbury – Chief Customer Officer, responsible for AMP’s customer and self-managed superannuation business portfolios.

Brian Salter – General Counsel, responsible for AMP’s legal and governance functions.

Wendy Thorpe – Group Executive Operations, responsible for AMP’s customer service, contact centres, underwriting and claims operations portfolios.

Fiona Wardlaw – Group Executive People and Culture, responsible for AMP’s human resources function.

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Patricia Montague

AMP Financial Services (AFS) Director Banking and Wealth Management Products Rob Caprioli has announced the appointment of Patricia Montague as Director Contemporary Wealth Management Products, effective 12 August.

Ms Montague will be responsible for a number of AMP’s superannuation and retirement products, including its flagship AMP Flexible Super, and will work closely across all areas of the business including sales, distribution, marketing, product, pricing and investments.

Ms Montague joins AMP from the Commonwealth Bank of Australia (CBA) where she was the General Manager of Retail Customers and Transformation.

In this role Ms Montague was responsible for customer satisfaction, strategy, revenue, and market share across small business, youth, premier and migrant customer segments.

Prior to that, Ms Montague was Head of Retail Bank Transformation at CBA. She was responsible for the change transformation plan related to the core systems replacement program for the retail bank which delivered a seamless frontline change experience for more than 10 million customers and 15, 000 employees.

Mr Caprioli said Ms Montague’s extensive experience in banking and wealth management, and her strong customer focus will be a valuable addition to the AMP group.

“I am very pleased Patricia will be joining AMP’s contemporary wealth management team. She has a strong retail and customer focus and a track record in improving product, sales and distribution capabilities across different customer segments,” Mr Caprioli said.

Ms Montague has a Bachelor’s degree in Pure Mathematics and Economics, a Diploma in marketing from the Chartered Institute of Marketing, as well as executive management qualifications through MIT Sloan School of Management.

Ms Montague replaces former Director Contemporary Wealth Management Products Chris Jansen.

Mr Jansen has moved to a compliance project team set up to prepare for the implementation of Stronger Super.

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