New MD to oversee several AMP advice groups

Head of retail sales to manage multiple advice businesses.


By Julie May

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Financial planning giant AMP has announced that its head of retail sales, Tim Mitchell-Adams, has been appointed managing director of its Charter Financial Planning, ipac, Jigsaw Support Services and SMSF Advice businesses, which together represent 1500 advisers and employees.

In a communication to advisers, seen by financialobserver this afternoon, AMP advice and banking group executive Rob Caprioli said Mitchell-Adams had been with Axa/AMP since 2001.

“He joins us from the national sales team, where he was responsible for servicing all advice licensees across platforms, investments, insurance, self-managed super funds and AMP Bank,” Caprioli said.

The news follows AMP’s announcement in May that two senior AMP executives heading up the Genesys, ipac and Charter Financial Planning arms would depart as a result of the group’s decision to consolidate its licensee management.

Exiting the business were Genesys and ipac managing director Tim Steele and Charter managing director Kevin Stone, who had been offered alternative roles at AMP but declined.

Steele was in charge of the management of Genesys and ipac licensees since February 2013, before which he was the director of AMP’s Horizons Financial Planning Academy.

Stone worked for AMP for six years, initially as operations general manager of the group’s financial advice network before taking the helm of Charter three years ago.

AMP said in November it would wind up Genesys following a strategic review of the licensee.

The group also announced in June that AMP executive director of financial planning Steve Helmich would leave the group and not be replaced.

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