Entireti unveils leadership team as AMP divestment completes
The divestment of AMP’s advice division to Entireti has formally completed, and the firm has unveiled a new leadership structure.
Entireti has acquired AMP’s advice licensees – AMP Financial Planning, Hillross and Charter Financial Planning – and self-licensed business Jigsaw, while AMP will retain a 30 per cent stake.
The various financial planning firms are known collectively as NewCo.
Meanwhile, minority stakes in 16 advice practices have been acquired by AZ NGA.
AMP said it anticipates an accounting loss on sale of $36 million due to separation and transition costs.
Alexis George, AMP chief executive, said: “The successful completion of the AMP Advice transaction and smooth transition to Entireti and AZ NGA ensures the advice network is well-placed to grow and prosper.
“We know the difference that quality financial advice makes to the lives of many Australians, and we will continue to advocate for a strong and healthy profession on their behalf. AMP will also continue to work closely with the advice community as we innovate and develop solutions which help them achieve the best possible retirement outcomes for their clients.”
At Entireti, the firm announced this will create a firm with 1,300 financial advisers, making it the largest advice licensee in Australia.
Under the new structure, Entireti’s executive leadership team will now consist 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.
“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,” chief executive Neil Younger said.
“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. 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.”
AUTHOR
Laura Dew
Recommended for you
Netwealth has added a series of multi-asset separately managed accounts from Activam to its platform.
Financial advisers may be encouraged to work with multiple generations amid the intergenerational wealth transfer, but the FAAA has warned it can cause behavioural conflicts and ethical dilemmas.
Franklin Templeton has shared four rules for financial advisers when it comes to including alternative investments in client portfolios.
The former chief executive of failed stockbroker BBY has been charged in relation to the alleged dishonest conduct of the firm.
