AMP is evolving its advice offering with an enhanced suite of solutions for self-licensed financial advisers, underlining its commitment to become a leading professional services provider to the broader advice community.
Jigsaw Advice Solutions builds on the existing infrastructure in place for AMP’s internal licensees with an expanded suite of solutions to support the increasing number of practices and advisers who operate under their own Australian Financial Services License (AFSL).
Jigsaw’s revamped Essentials package provides fundamental AFSL and advice services designed to support practices in managing their core licensing obligations in an efficient manner.
Practices can also select from a number of add-on solutions across the entire advice ecosystem - including AFSL setup, revenue management and processing, cyber protection, as well as the AMP Spark practice management framework (our business consulting service).
Value-added solutions a key differentiator
According to Investment Trends’ 2023 Adviser Technology Needs Report, almost one in five advisers said they would be prepared to pay for aged care modelling as an add-on service to improve the quality of their advice offering to clients1 .
In addition, almost one in three would be prepared to pay for retirement planning tools as an add-on service, and almost one in three for cash flow modelling support1 .
Cybersecurity protection was also a popular addition among advisers, according to the findings, with over 7 in 10 financial advisers across Australia surveyed by Investment Trends requiring greater support on multi-factor authentication and over two in five seeking greater information on data protection in the platform2.
Together with the contemporary services and support currently provided to aligned licensees under AMP Advice, the new Jigsaw Advice Solutions offer provides scalable services for practices at different stages in their business lifecycle.
Support in lock-step with a practice’s changing needs
AMP Advice is doubling down on its practice support capability with a comprehensive range of add-on services that are tailored to suit a practice’s changing needs.
Under Jigsaw, self-licensees can access AMP’s trusted aged care referral service to help assist clients find cost-effective solutions in their retirement journey, a buyer’s agent referral service3 , as well as a debt advice solution, allowing more advisers to meet their clients’ borrowing needs.
Self-licensed practices can access quality technology solutions leveraging AMP’s scale, as well as Professional Indemnity and Cyber Insurance utilising the buying power of a group policy supporting the AMP advice network, designed to help protect and contribute to the profitability of practices.
Matt Lawler, AMP Group Executive, Advice said:
“Advice at AMP has evolved in the past few years and whilst during that time we have been internally focussed, working closely with our practices to deliver services that advisers value, we now see this as the right time to offer those improved services more broadly.
“As the operator of one of Australia’s largest licensee networks, we understand what advice practices are looking for to operate profitably and compliantly under a corporate license.
“We also understand many advisers are looking to run their practice under their own license so we’ve packaged our services and capability into Jigsaw Advice Solutions, which we’re confident will benefit the growing number of self-licensed financial advisers.
“Jigsaw sits alongside our evolved licensee offers – AMP Financial Planning, Hillross and Charter – which continue to support advice practices who benefit from being part of a large licensee.
“What’s most exciting about the revitalised offer is the scalability of Jigsaw, delivering value to practices of all sizes and tailored to their individual business needs."
Michael Williams, AMP Head of Jigsaw Advice Solutions, said:
“Over the last two years, AMP Advice has worked closely with practices, both aligned and self-licensed, to develop an offer that supports them to confidently deliver best-in-class advice to clients whilst improving the economics in their business.
“Scale will be an important differentiator into the future for advice practices and our enhanced Jigsaw Advice Solutions will support self-licensed practices in accessing high quality solutions at a competitive price point.
“By extending our Spark business consulting services through Jigsaw in addition to our range of valueadded services, we are providing more practices with the support they need to achieve their business ambitions – be that growth, efficiency or exit.”
For further information and to find out more about Jigsaw, please visit our new website at www.jigsawadvicesolutions.com.au
1 2023 May: Investment Trends Adviser Technology Needs Report (p84)
2 2023 May: Investment Trends Adviser Technology Needs Report (p88)
3 Initially available for purchase of Sydney properties only
