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Showing 31 - 40 of 41 results for "BOLR"

Advisers to bear brunt of AMP failings

JAMIE WILLIAMSON  |  FRIDAY, 9 AUG 2019
AMP advisers planning to exercise their Buyer of Last Resort (BOLR) arrangements look set to have their business valuations slashed as part of the institution's new strategy. AMP chief executive Francesco De Ferrari said the group will look to recalculate ...

Australian Ethical divests AMP

ALEX BURKE  |  THURSDAY, 10 MAY 2018
... decision, in the face of internal recommendations to stop the practice, to continue charging clients when they were put into the BOLR pool. We also learned that AMP misled ASIC about the nature of this practice," Palmer explained. Financial Standard ...

Fees for no service an old issue: AMP

DARREN SNYDER  |  FRIDAY, 4 MAY 2018
... 90-day exception". "Between 2010 and 2016, of the 2417 register transactions that took place, 39 were Buyer Of Last Resort (BOLR) transactions which involved application of the 90-day exception," the AMP submission said. "We have apologised to and refunded ...

ROYAL COMMISSION: Top stories

JAMIE WILLIAMSON  |  FRIDAY, 20 APR 2018
... 90-day exception rule, whereby the business would continue to charge clients fees while they had been transitioned into a BOLR pool. Under this arrangement, clients would continue to be charged fees while they were not receiving services for up to 90 ...

RECAP: Advice in the Royal Commission spotlight (Days 1 - 3)

KANIKA SOOD  |  THURSDAY, 19 APR 2018
... independent report about misconduct in AMP's advice business. AMP charged clients fees for 90 days after they had been moved into a BOLR pool.It also allegedly lied to ASIC, telling the regulator its 90-day fee for no service rule was an "administrative ...

AMP deliberately misled ASIC over ongoing fees

ALEX BURKE  |  TUESDAY, 17 APR 2018
... 90-day exception rule, whereby the business would continue to charge clients fees while they had been transitioned into a BOLR pool. Under this arrangement, clients would continue to be charged fees while they were not receiving services for up to 90 ...

AMP's buyer of last resort measures scrutinised

JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
... Royal Commission's inquiry into financial advice, AMP group executive, advice and New Zealand Anthony Regan admitted the BOLR policy held by AMP between 1 July 2012 and 30 June 2017 stated that advisers selling client books to their licensee had to meet ...

AMP admits to serious misconduct in RC submissions

JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
... the client's adviser sold the rights to the service and the right to be paid by the clients to an AMP licensee under a BOLR arrangement. "Upon acquisition by the licensee, the clients were placed into a central pool. For so long as the clients remained ...

Succession planning ensures quality customer service

JAMIE WILLIAMSON  |  WEDNESDAY, 4 OCT 2017
... end-to-end commitment that mirrors the lifelong journey of the advice process and offloading a practice via Buyer of Last Resort (BoLR) arrangements is a damning reflection of both an adviser and the advice industry. BoLR provisions allow the purchase ...

How advisers can double their business value

MARK SMITH  |  WEDNESDAY, 6 FEB 2013
... valued on a multiple of annual recurring revenue with many institutionally owned licensees having a 'buyer of last resort' (BOLR) benefit in place for their planners based on a pre-determined multiple of that revenue. The outcome of this structure is ...