Financial planners turn on 'reprehensible' AMP as it puts them out of business

The company has nearly halved the guaranteed amount it will pay planners to buy out their businessesAMP unveiled its plan last month to slash the number of its aligned advisers by a third, as it aggressively tries to restructure the business.

The ABC cannot disclose any details about the planner. AMP has a confidentiality clause in its termination letters. So, at the end of October when AMP shuts them down, they will potentially be left with no income and a large loan. "It's not something they stopped doing three or four years ago; they were still encouraging people to borrow money, and probably still are encouraging people to borrow money," he told The Business.Another financial planner who spoke to the ABC, applied to sell his business back to AMP earlier this year, a process that normally takes 12 to 18 months.

Instead of receiving about $500,000 for selling his business back to AMP, he said he would walk away with a sizeable loan, which he took out to buy the business in the first place. He no longer wanted to be an aligned AMP planner as he watched the company implode in scandal after scandal at the banking royal commission.

I had AMP policy. They were terrible, they didn't change anything when various crisis happen or sectors have trouble, just same old strategy when the walls are falling down,charging their ridiculous fees

I will concede it has been some years since I worked at a financial planning firm, but IIRC the training did include concepts such as 'diversification' and 'risk analysis'. AMP are still pond scum, though.

Seems we need a Royal Commission into how badly AMP Financial Planners are being treated. Good luck with that one. Hilarious.

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