Print Post Approved PP255003/00299
Vol.25 No.23 | June 23, 2011 | $6.95 INC GST
The publication for the personal investment professional
www.moneymanagement.com.au
SHORTEN DEFENDS FOFA: Page 4 | TOWER REBRANDS: Page 20
AXA reps happy to stay – for now By Chris Kennedy ALTHOUGH MLC has been open in its plans to target AXA-aligned planning firms that may be disenchanted following the bank’s merger with AMP, many of those businesses say they are happy to stay where they are and see how things progress under AMP. Money Management contacted a number of planning businesses licensed under AXA Financial Planning, Charter and Genesys, and of the seven practice principals who were prepared to speak about their current arrangements, all said they had no plans to transition away from AXA/AMP. Six of the seven said they had not so far been directly approached by MLC, but one Queensland-based principal who is an authorised Charter representative told Money Management that he had been
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Genesys has improved the way it deals with member firms in recent years, and it is hoped that level of support will continue under AMP.
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contacted “almost incessantly” by an MLC representative, by both phone and email. The woman had offered to fly him interstate to meet MLC executives, told him that MLC would be prepared to pay
EDUCATION
Putting the pieces in place AS the financial planning industry seeks to become a highly regarded profession, a number of obstacles need to be surmounted – not least ensuring that the appropriate educational underpinnings exist. Money Management examines the challenges confronting the industry and the varying strategies that are being pursued by both specialist education providers and the major institutions. FULL REPORT PAGE 16
cash for the business (although she did not specify an amount), and also told him AXA-aligned firms were joining MLC “left, right and centre,” he said. He had so far ignored the offers – which he said struck him as unprofessional – and was happy to go ahead with his planning business under AMP, he said. One Brisbane-based AXA Financial Planning (AXA FP) principal said he had been contacted about switching licences by several groups (including Professional Investment Services) in re c e n t m o n t h s, b u t h a d n o t b e e n contacted by MLC so far. He questioned what effect such a transition would have on his practice’s value, and said as far as he was concerned it was “business as usual” following the AXA/AMP merger. He said he had so far “thrown all the offers in the bin”.
A Sydney-based Genesys adviser said he had been “pleasantly surprised” by the level of support provided by AXA and the lack of issues in making the transition when AXA acquired Genesys in 2008. He said Genesys had improved the way it dealt with member fir ms in recent years, and he hoped that level of support would continue under AMP. In addition, a Geelong-based Charter principal, a Sydney-based Charter principal and two south Queensland-based AX A F P p r i n c i p a l s a l l t o l d Mo n e y Management that they had received no direct offers from MLC and would be happy to see how the new arrangements progressed under AMP. In a letter to MLC advisers last week, MLC and NAB Wealth executive general Continued on page 3
ANZ Wealth’s executive recruitment drive By Mike Taylor
ANZ Wealth, Advice and Distribution is embarking on a major recruitment campaign as it restructures is senior executive ranks ahead of what it sees as key changes to the Australian financial planning market. ANZ head of wealth, advice and distribution Paul Barrett said the company was recruiting to fill a number of new roles in the team, including head of practice-based financial planning, head of ANZ financial planning, head of sales, head of advice delivery, and head of distribution and transformation. Barrett said Jamie Sach had been appointed head of business management and Steve Cullen had been appointed as head of advice development. The restructure and recruitment campaign represent the first significant move by ANZ following its recruitment of Barrett from Colonial First State earlier this year. Bar rett has told Money Management the new head of practice-based financial plan-
Paul Barrett ning would be responsible for Millenium3, RetireInvest and Financial Services Partners – along with the dealer groups in which ANZ has an equity partnership such as Century and Fortnum. He said the head of sales would be responsible for platforms, investment and insurance, while the head of advice delivery would be responsible Continued on page 3