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AMP on the trail for franchised network

AMP is setting up a new franchised network of tied trail-based advisers with a promise to foot the bill for start-up costs.

The firm is pitching the network at advisers from its tied and IFA rivals who may be reconsidering options in the event of depolarisation. The existing Pearl salesforce will have the option to join.

AMP will target advisers and graduates – which it will train at its “academy” – with a recruitment campaign which will be launched this summer.

Advisory services sales director Andy Halstead, who is leading the project, hopes over time the network will become 100 per cent trail-based and says AMP has the capital to finance the transition from initial commission.

Advisers will only be able to advise across AMP&#39s stable of products with general insurance products from Churchill. It also plans to offer a transactional banking service.

AMP will provide the infrastructure and compliance services. Advisers can be full-time or part-time and operate from home or offices, and, if FSA rules permit, become second-tier advisers.

Halstead says: “AMP is actively working to discard the stereotype of the old-fashioned door-to-door salesman by creating a salesforce focused on increasing customer wealth and developing ongoing relationships with clients.

“Someone could join the company as an insurance and mortgage consultant and work their way up to a financial planner, own their own network or look at opportunities through AMP around the world.”

Profile, p43

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