Following the merger of AXA Financial Planning (AXA FP) with AMP, AMP has assured AXA practices that there will be a smooth transition to Charter Financial Planning (Charter FP) as part of the withdrawal of the AXA brand from the Australian market.

 

Director of AMP’s Financial Advice Network Andrew Waddell said AXA FP and Charter FP licensees share a close connection.

 

“This solution will allow the company to preserve the strength of the AXA FP network while enhancing Charter FP’s highly rated licensee status. AXA FP practices will have access to a range of branding options enabling them to choose the one that best suits their business,” Mr Waddell said.

 

Under the Charter FP licence, AXA FP businesses will have five branding options, including the use of the AMP brand and endorsement. Mr Waddell said advisers will be able to build their own brand or leverage the leading institutional brand. They will have the freedom to tailor their brand to suit their unique preferences.

 

“We worked closely with our Authorised Representatives’ Association and conducted extensive research to understand our advisers’ preferred branding option and which solution would offer them the best outcome for their businesses.

 

“Practices can expect very little disruption to their businesses – other than the branding of their licensee, very little will change. They will have access to the same level of service and terms and conditions as before and will be supported by the same people,” Mr Waddell said.

 

The transition will take place between April and September 2012.

 

With the merger of AXA Australia and New Zealand with AMP, the ownership and usage rights of the AXA brand, including AXA FP, remains with AXA’s French parent company and must be removed from the Australian and New Zealand markets by March 2013.

 

AMP Limited has reported a net profit of A$688 million for the financial year to 31 December 2011 (FY10 A$775 million), which includes nine months’ contribution from AXA, following the merger of the two businesses on 30 March 2011. AMP's nnderlying profit was A$909 million compared with A$760 million for FY10.