Well this is the last ezine for the year so let’s start it with some Christmas wishes. I hope that everyone has a well-deserved break, gets to enjoy some quality time relaxing away from the rigours of work, and comes back refreshed for what will be an interesting 2019 I’m sure.
2018 has been a solid year for the TripleA, dominated of course by the ongoing review of legislation and regulation that has absorbed a lot of time and resource over the year. The TripleA board and I do a lot of work on the advocacy/lobbying front on behalf of both members, but also advisers more broadly. A lot of it is behind-the-scenes, but it’s important work. It will continue with meetings right up to the week before Christmas and then also immediately in the New Year.
The recent purchase of AMP has added an overlay to all of this legislative reform for a proportion of TripleA members. That has also kept us busy over the last few months. In the last ezine our Chair, Malcolm Papworth, outlined where this was at and his core messages at the time were:
- That we are actively talking to the key players involved, such as AMP senior management and the Trustees of the AMP (NMLA) NZ Superannuation Plan, and
- The sale of the life business and IPO of the wealth processes will extend well into 2019 so there is plenty of time for information and key issues to be confirmed. We will keep members posted as information comes to light.
We also undertook to meet with AMP senior management and this occurred at the last board meeting on the 28th November when Therese Singleton and Aaron Klee joined the board for an hour. Their key messages were:
- Resolution Life, who have purchased AMP, have a business model to keep the existing management and systems in place. Nothing will change in the near future in terms of how they operate. Within a couple of years however, the AMP brand will be changed.
- AMP Life will be closed for new business (i.e. new clients) from the end of calendar year 2018, with a period after that for those who were already in the process of getting a new policy. In other words, the focus will be on retention, improving the service to and expanding business with, the existing client base.
- The wealth management side, AdviceFirst and Kiwisaver elements of AMP will be part of the IPO next year.
- For those TripleA members with an AMP Distributor Agreement, currently it’s likely that this will change to two agreements in future, one for the Life and one for the Wealth side.
Obviously, the AMP senior management team has a large job on its plate through 2019 to put all of this into effect. The board and I are also liaising extensively with The Association, whose members have a similar array of issues in front of them. At this stage the TripleA’s message remains the same in that we will keep affected TripleA members posted, normally via this ezine, as more information comes to light and key issues are clarified.
This edition’s board bio is for Royden Shotter who was recently welcomed to the board.
So, to close out for the year, there is our standard Christmas checklist as a reminder for you of some of the things you may wish to consider as you take a break. On behalf of the board and TripleA team can I wish you all the best for a relaxing break and we look forward to touching base with everyone in the New Year.
Wayne Smith,
CEO
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