AMP hires new head of advice, as Regan retires

  • By Kate Weber

AMP has announced Alex Wade as its head of advice, replacing Jack Regan who will retire from the business after 20 years.

Wade the former head of developed and emerging Asia for Credit Suisse Private Banking said that despite the “scrutiny” that AMP has faced this year he is looking forward to a new beginning in Australian finance.

“The industry is changing for the better and it is committed to reaching new, higher standards of professionalism,” Wade said.

“AMP has been proactively transforming its business and developing new systems and technology to improve the advice process and strengthen governance, compliance and controls – all which results in an enhanced advice experience for customers.”

He will report to AMP CEO Francesco De Ferrari and will continue transforming AMP’s advice business.

The restructure comes as no surprise given AMP’s disastrous performance at the royal commission which saw AMP’s stock price to fall 10 per cent.

Michael Wilkins also replaced Craig Meller as CEO this year after Meller resigned from AMP after admitting to charging clients fees for no service and falling to disclose this to ASIC.

Regan had also admitted AMP had been charging clients for financial advice they never received and lied to the corporate regulator 20 times over the issue.

AMP’s Acting Group Executive, Advice, David Akers will work with Wade to transition responsibilities while Regan had been on extended leave.

De Ferrari thanked Akers for taking on the acting group executive role and offered Wade his vote of confidence.

“Alex is a talented leader and strategic thinker, who will bring valued experience and relationships to AMP’s advice business. The financial advice industry in Australia is in the process of renewal, and AMP and Alex will play a prominent role in driving this change.”