AMP Limited has formalised a partnership with US advice business United Capital, signing an agreement to collaborate as AMP develops its new wealth management operating system.
United Capital is one of the fastest growing financial life management businesses in the US, with a goals-based advice approach and philosophy similar to AMP.
The agreement builds on an existing relationship between the organisations and includes a non-material investment by AMP into United Capital and the development of a partnership plan to share intellectual property. It is in line with AMP's strategy, which includes strengthening its core goals- based advice capabilities through a new wealth management operating system.
AMP's Group Executive Wealth Solutions and Chief Customer Officer, Paul Sainsbury said:
"We have known United Capital for some time and greatly admire its approach to advice."
"It is regarded as one of the most innovative advice businesses in the US, having grown rapidly from start up to more than US$19.8 billion in assets under management.
"Our shared philosophy in helping customers through goals-based advice, together with United Capital's innovative use of the Salesforce platform, creates significant potential for learnings and synergies as AMP implements its new operating and CRM systems," said Mr Sainsbury.
As part of its new wealth management operating system, AMP will later this year launch a new goals modelling engine which generates personalised advice solutions based on customer goals and financial circumstances. The full operating system is scheduled to be completed in the first half of 2018. AMP's advice business is also currently implementing Salesforce as its new customer relationship management (CRM) system.
About United Capital
United Capital Financial Partners, Inc., the parent company of United Capital Financial Advisers, LLC ("United Capital"), FinLife Partners and its consulting affiliate, is an independent financial life management firm. United Capital is a Registered Investment Adviser (RIA) offering clients objective advice and an open architecture platform that enables a wide array of investment management solutions tailored specifically to client needs. Today, United Capital has approximately US$19.8 billion in assets under management and 84 offices nationwide. For more information, please visit www.unitedcp.com.