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AMP to cut advisers on payroll, to pay less to buy back advisers' client books

AMP Ltd. plans to reduce aligned advisers on its payroll as the Australian company continues to overhaul its wealth management business.

The wealth manager unveiled the streamlining plan, alongside a new three-year turnaround plan, on Aug. 8 after posting a net loss of A$2.29 billion for the six months ended June 30.

AMP CEO Francesco De Ferrari said during an analyst call the company aims at having "fewer, more productive advisers." The CEO did not specify targets but did indicate that less profitable advisers on AMP's spectrum could be let go.

The company also said it plans to pay less to buy back their retiring advisers' client books under the so-called buyer of last resort scheme. It said it will pay advisers a multiple of 2.5 times the earnings from their clients, down from 4 times currently.

Philip Kewin, chief executive of the Association of Financial Advisers, told The Sydney Morning Herald the proposed changes of the scheme may lead to litigation from advisers.