An adviser association has set out its intentions to become a Financial Advice Provider (FAP), and has launched a new cooperative – Wealthpoint – offering compliance and business support services to its adviser members.
The AMP Advisers and Adviser Businesses Association, known simply as ‘The Association,’ says Wealthpoint will primarily support the 52 AMP-aligned adviser businesses. It launched the new cooperative at its annual conference in Taupo, with current Association head Simon Manning being appointed as its CEO.
“Our key proposition is to support adviser businesses, and their advisers and staff,” Manning stated. “We’re all working in an industry facing unprecedented change, and our proposal to form this entity was met with strong support from both our members and industry suppliers.
“We’ll take a lead on new industry compliance and conduct expectations, but do so in a way that minimises disruption.”
Manning says providing early clarity and guidance during this period of change is vital, and The Association is in discussions with a number of independent adviser businesses with a view to growing its membership in the coming months.
“We already have good scale, but we’re still interested in working with other advisory businesses as we see benefits in growth, building our national coverage and bringing in some fresh thinking,” Manning said. “Most of our members are highly diversified in terms of the advice they offer, and that’s a model that we’ll continue to support.”
Wealthpoint will be overseen by a Board of five directors, and will operate an approved products list with suppliers selected by a committee of independent advisers. Manning says this is a key part of the cooperative’s offer – to provide decisions by advisers in the best interests of their peers.
Other services currently offered by The Association will also be transferred to Wealthpoint over time, and once this is complete, Manning says The Association will likely shut down and continue operating exclusively as Wealthpoint.