The financial services giant has announced the appointment of a group executive to its leadership team.
AMP Limited has appointed Alex Wade to its group leadership team as group executive of advice, effective 7 January 2019.
Mr Wade will report to newly appointed AMP CEO Francesco De Ferrari and lead the “continuing transformation” of AMP’s advice business.
Mr Wade replaces AMP group executive of advice and New Zealand Jack Regan, who will retire from AMP after nearly 20 years of service.
AMP added that David Akers, who has been AMP’s acting group executive of advice while Mr Regan has been on extended leave, will work with Mr Wade to transition responsibilities and will return to the advice leadership team, with Blair Vernon continuing as managing director of New Zealand.
Mr Wade most recently served as the head of developed and emerging Asia for Credit Suisse Private Banking. Mr Wade has held several roles since joining Credit Suisse, including stints as chief of staff for Asia Pacific and head of private banking Australia and Hong Kong.
Mr De Ferrari welcomed Mr Wade to AMP’s leadership team and said that he expects Mr Wade to play a “prominent role” in the renewal of the financial services sector in Australia off the back of the financial services royal commission.
Among the revelations of misconduct identified by the royal commission in its second round of hearings was AMP’s concession that its financial planning division charged clients fees for no service and that its advisers offered inappropriate advice that adversely affected the financial wellbeing of customers.
Mr De Ferrari said: “Alex is a talented leader and strategic thinker who will bring valued experience and relationships to AMP’s advice business.
“The financial advice industry in Australia is in the process of renewal, and AMP and Alex will play a prominent role in driving this change. We firmly believe that financial advice is essential for helping people manage their finances and plan for retirement.”
The AMP CEO also thanked outgoing executive Mr Regan for his service to the group and thanked Mr Akers for his time as acting group executive of advice.
“I offer the warmest thanks to Jack Regan for his commitment to our advisers, customers and employees over his long service at AMP.
“After 10 years leading AMP New Zealand, Jack took on the group executive of advice and New Zealand role in 2017, bringing his deep understanding of the advice industry to improve the governance and controls of the business. Jack is greatly respected across the advice industry and retires with the best wishes of everyone at AMP, including the many advisers across our network.
“I would also like to thank David Akers for taking on the role of acting group executive of advice this year.”
Commenting on his appointment to AMP’s leadership team, Mr Wade said: “I am delighted to be joining AMP at such a significant time for the company. Though the industry and AMP have faced scrutiny this year, AMP advisers have a long history of helping and supporting people across Australia plan their financial lives and achieve their personal goals.
“The industry is changing for the better and it is committed to reaching new, higher standards of professionalism. AMP has been proactively transforming its business and developing new systems and technology to improve the advice process and strengthen governance, compliance and controls – all which results in an enhanced advice experience for customers.”
He added: “I am looking forward to meeting and getting to know our advisers and working with Francesco to drive further change.”
[Related: Bank appoints new broker head]
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