Discussion in 'Financial Planning' started by dcunited, 28th Jul, 2011.
Does anyone know how much you get paid while doing the 10-week AMP Horizons program?
Is the 50k they advertise what they actually pay you once you finish and not while you're training?
Either way, you spend all that time training then spend your days as an "adviser" cold calling people getting them to sign up as AMP clients - not the most rewarding job in the world but I guess it's better paying than other cold calling jobs.
The number of F off's you get would obviously be a lot higher when you're ringing during people's dinner time then during the day.
I work in AMP Horizons. We offer a package of $50,000 + 11% super for the 12 month professional year. The programme entails 10 weeks intensive training, with 9 months in the AMP Horizons practice. At the end of the programme you have two options, either start your own Financial Planning practice or join an existing AMP Financial Planning practice.
If you would like to know more information please do give me a call 8061 1954.
In regards to graduating from your AMP Horizons programme and joining an existing practice, are you able to choose which practice you join, or can you only join a practice if they have an available position?
Also, when you are completing your 9 months training in the Horizons practice, will you the duties be just assisting financial planners, or do you get the opportunity to take on your own personal clients (I understand a full financial analysis will not be realistic, im referring to the simpler life insurance and risk side)?
You'll be on the phone all day trying to talk people into getting financial advice. You earn 50k p.a. and AMP earns a lot more if you can sucker people in to sign up for advice.
So do you have experience or are you just assuming?
Cold calling? Or talking to existing clients about their current policies and seeing if you can upgrade their policies or get them to sign up to new ones?
And when cold calling, would you get to be the adviser who gives them advice? Either way, there's still some interaction with clients and you would be building up client relation skills.
Still, that is better than what I am doing atm, and for more money too. Looking at other companies, it seems like a good deal (assuming you actually have opportunities for advancement) and when compared with other training (I've seen and heard of 4 years training at ComBank).
At the end of the 12 month professional year if you are not looking to establish your own practice, AMP financial planning has a recruitment consultant you will meet during the recruitment process who will help to place you in the right financial planning practice that suits your needs. You do have to interview for these roles and meet with the practice principals to ensure it is the right practice for you.
You will be a planner from the moment you complete the 10 weeks, we have in place ongoing training and development plans with the practice you join. From the moment you finish the 10 week training and join the 9 month academy you can start to give advice to your own clients. Those clients you bring in from your own networks are yours to take when you leave Horizons.
Hope this helps.
Hannah McDermott 02 8061 1954
I have not got experience with horizons nor would I want to but you should phone them up and get them to explain to you whats required as someone already had by what I heard:
Firstly I was expected to cold call at least 50 times a week to people who were not even aware they have AMP Super funds. (Employers have set AMP as the default super account. This method would be how I obtain clients.
When I asked them what sort of financial advice strategies I would be using- they would not elaborate but mainly insinuated rolling over funds from other accounts into AMP. Not neccessilary benefitting the client
There may be other strategies but me personally it is not a job I would want to do - but that's me because I do not like financial planners because they do not know anything the next person does about growing their wealth. And who cares if they know a thing or two about super and pensions - i already know it all anyway - it's not hard to read about those subject (plus I have done my DFP)
I guess I cannot see myself getting some poor schmucks to invest their money in something that is impossible to determine the performance on and simply tell them it is time in the market and not timing the market. Those silly projections they show you that forecast your estimated returns....hahaha. The classic line they like to use is - "the markets always bounce back higher " but DUH, of course they do but if you want to look at history you'll notice the markets take approx 10 years to get back to their previous bull market highs. If you invested in 2007 before the GFC, you now only have 6 years left to hope the ASX is up near 6700 again.
I should stop my ramblings on, I have obviously proven my point but I would actually like to hear someone in Horizons (wink wink) describe what the normal day to day role is like and not the info we read about on the job ad where you work in an AMP practice for 9 months before going out on your own. I actually want to hear how you get your clients regardless of whether you source them yourself or get given them from AMP.
For an industry that is plagued with bad publicity and image, flooding it even more with mass intakes of horizons trainees can surely only increase that negativity in the industry.
I agree with you builder, and would like to hear from someone from the AMP Horizons explain in detail the work involved in their Horizons programme.
From my experience (as little as that is) we have some dealings with AMP, and most of those are to do with employer superannuation funds and their employees who hold accounts with them.
While not necessarily the best account out there, at least by consolidating super funds into one account should be beneficial to the client in some way (less fees etc), the AMP super accounts do perform reasonably well.
Honestly, should I work for AMP, I would have no problem recommending their super funds. Sure making cold calls would suck, but I would like to think that AMP have set up decent strategies set up that will help their clients develop their finances once you are able to sit down with the client and go through their financial positions.
As for a job that anyone can do, sure financial planners aren't needed when todays society can operate from information gathered on the internet. But because we live in a society where most people would rather pay for a service than do it themselves, then that's where financial planners will always make their money. And working for a major company like AMP or one of the big 4 banks, your advice will always be biased towards your own products (which won't necessarily benefit the client).
Another question I would like answered is how many intakes are there in the Horizons programme and how many actually graduate? Does AMP actually identify those who will not become competent advisers and fire them?
Having been through the program it's not something i would recommend...
The days are spent mostly trying to cold call 'clients' who do not know they have an AMP policy. The reason i say trying is because the contact details that the planners are provided with are aged and effectively useless which is very frustrating. If you do manage to get a hold of a policyholder and can convince them to meet with you, your focus will be on rolling their other super plans into an AMP plan (a colleague received a 'word' from a very senior person within the organisation who happened to overhear them on the phone mention to a policy holder that they could look at moving them out of AMP - can't have that). You will also try to sell them insurance policies (attractive commissions received on insurance - this will be a key income driver) which is actually very important. Insurance can be frustrating however due to the turnaround time for acceptance (if at all) and the general conservatism of the AMP underwriting team - what seem like relatively minor conditions will increase the premiums or restrict the cover significantly which makes it far less appealing and difficult to sell.
This will be 90% of your 12 months - calling, trying to meet with policyholders, transferring superannuation plans, trying to convince policyholders to take insurance, sales meetings and trying to explain why you haven't met your numbers (very very few planners meet their numbers).
If after the 12 months you decided it was something you wanted to continue with your options are to join an AMP practise (only an AMP practise due to contractual reasons) however from my experience jobs within the AMP planner network are sparse (and generally poorly paid) so don't think that it's a sure thing. Or you could start your own practise - however the AMP financing terms and quality/price of the AMP client book are questionable at best.
In general, the planning industry is very tough, there is a lot of scepticism out there and it's very hard to make money. It is also extremely compliant and a lot of butt covering exists in the wording of the advice documents that are given to clients.
If you do consider joining the industry and/or AMP - ask lots of questions and do lots of research.
your post is really informative and thanks for it.
can you also clarify more in respect to what all is in the contract you sign?
Also you mentioned " join an AMP practise (only an AMP practise due to contractual reasons)"
does it mean you cannot join anyother financial organisation...? what if they cannot place you with one of their practises?
And even if one joins an AMP practice do they pay 50k or more or what is the pay like then?
Also the 50k salary is on certain criteria like you have to bring in certain amount of business etc .... ??
Will appreciate if you can share some thoughts on what other options/corporates there are in sydney who encourage for entry level FP roles if not AMP.
Look forward for your reply.
you're best to ask AMP themselves about any specific contractual questions you may have.
in terms of salary, $50k was it, you were expected to write at least this amount of business. if you didn't (as i mentioned most didn't) you still get paid but AMP would work with you/performance manage you to build the numbers up.
If you do the 12 months of AMP horizons and get a job within the AMP planning network afterwards the pay could differ however don't expect it to differ much - if you get more than $50k you'd be doing well (new planners dont get paid well) - most practises are small mum and dad business that can't necessarily afford to pay much (especially in todays climate - it's very tough out there).
if there are no roles in the AMP network when the 12 months is up i beleive is dealt with on a case by case basis and you'd probably want to ask AMP that question.
Ask lots of questions if you go for the interviews.
I believe paraplanning would be the best entry into the industry. A chance to learn how the planners do it, and learn the strategies involved.
I just attended the Information Evening on this last week and your information is certainly worth taking on board. To be honest it was sold really well and I left thinking the mentoring and endstate of owning your own Financial Planning business was fantastic. I didnt realise that FPs are not paid well, as juniors anyway. I guess what I liked about it was I could relate to the holisitic planning as I have a wealth creation guy I use myself who is an independent but fantastic at what he does. I certainly didnt factor in that amount of cold calling, I naively thought that your leads would be coming from people ringing in.
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