AMP group executive for advice Matt Lawler and Rhombus Advisory CEO Darren Whereat join Conexus Financial editor-at-large Simon Hoyle to discuss the evolution of their licensees as both groups transition from institutional ownership to becoming standalone professional service partners, and how this benefits clients as well as their advisers.
It’s been a long journey for the last two institutional financial advice licensees. Unlike the big four banks who abruptly left advice after the Hayne royal commission, AMP and Insignia Financial (then IOOF) had stronger lineages in the sector. Now Insignia’s self-employed advice arm has shapeshifted to Rhombus Advisory, while AMP is on a similarly new journey.
Whereat and Lawler discuss the advantages of moving on from institutional ownership and being completed disconnected from product; the future of licensees as a business; and access to capital to help financial advice practices grow.
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