Spicers, AdviceFirst to merge

AMP is amalgamating its advice brands into one operation.

Monday, April 25th 2016, 6:00AM 3 Comments

by Susan Edmunds

Spicers is set to merge with AMP’s other financial advice arm, AdviceFirst.

AMP director of advice and sales Blair Vernon said a review of market opportunities had led the firm to decide to integrate the sales and management function of AdviceFirst and Spicers under AdviceFirst.

He said that would “deliver synergies” from two complementary businesses.

“This move will allow the combined enterprise to continue to focus on clients and their financial needs, and will create a stronger nationwide network of advice specialists serving over 50,000 clients through 26 locations across the country.”

There had been rumours that Spicers management roles were under threat but Vernon said no decisions had yet been made.

“As part of these changes, the management teams of Spicers and AdviceFirst are reviewing the appropriate operating model for the combined business. No changes have been made at this time.

“There are no changes for clients to the day-to-day operations of the respective brands, and we envisage a range of positive opportunities to flow from the larger business as we work through integration opportunities in the second half of 2016, ultimately benefiting all stakeholders.”

Spicers has been operating in New Zealand since 1986, with more than $1.3 billion of funds under advice.

It was formerly part of the AXA group, until 2011 when AMP purchased AXA and also took ownership of Spicers.

A spokesman said the Spicers brand would continue to operate.

Tags: AMP financial advisers

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Comments from our readers

On 25 April 2016 at 12:35 pm Makes Sense said:

No surprise there.

Tired model - days of the vertical down manager might be numbered.

On 25 April 2016 at 2:13 pm traveller said:

seems sensible. It would be interesting to know though how closely aligned are the model portfolios of Spicers and Advice First, both in terms of asset allocation and product recommendations.

On 27 April 2016 at 7:09 am MickeyM said:

I understand the models are identical. They also share the same platform.

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