AMP has invested in Futuro Financial Services, a financial services business with 80 financial advisers, 58 practices and approximately $2 billion in funds under advice.

 

The transaction will take place in three stages, with the initial 10 per cent minority stake extending to full ownership in five years, subject to a number of conditions being met by both parties.

 

Futuro will continue to operate under its own license during the initial stages of the transaction. After this time, Futuro’s financial advisers will be offered a smooth transition to Charter Financial Planning, one of AMP’s licensees.

 

Director of AMP’s Financial Advice Network Andrew Waddell said Futuro and its network of financial advisers will be a significant contribution to AMP’s growing adviser ommunity.

 

“AMP has over a period of time forged a close relationship with Futuro and it is clear both companies share a passion for quality advice and a commitment to helping more Australians access quality financial advice.

 

“AMP is able to provide Futuro financial advisers access to resources and support that will help them grow their businesses,” Mr Waddell said.

 

Futuro Director Dennis Bashford said: “We have been speaking to our network for some time about bringing in a strategic partner and had a clear idea of what this partner should look like. In the end, AMP was the standalone choice.

 

“With the industry undergoing significant change, it is important Futuro has access to the type of support and expertise AMP can provide. To have a partner so well-placed for regulatory and industry change provides a high level of comfort to the network.

 

AMP’s aligned and employed financial planner networks offer financial advice under multiple brands, including AMP Financial Planning, Hillross Financial Services, Charter Financial Planning, ipac and Genesys Wealth Advisers, providing choice to both advisers and customers.