A long-established Axa financial advice practice is reviewing its relationship with the product provider following the merger with AMP.

Haywood Financial Management (HFM) MD Scott Haywood told insuranceNEWS.com.au the practice is now reviewing whether it will stay with Axa.

“The merger has created an opportunity for us to have that discussion,” he said. “We no longer have any loyalty to Axa and we see us being in the box seat for a while with the discussions.”

Mr Haywood says if the practice is to stay with the merged group, he doesn’t want a deal struck on the amount of business it puts through to AMP. “I think a deal should be struck based on the type of advice we deliver and not revenue.”

The cultural differences between AMP and Axa will make adviser retention harder in the next couple of years, he said.

Older Axa advisers who have been with the company since National Mutual days have always been in fierce competition with AMP and it will be hard to see them switching brands overnight.

Mr Haywood says the life insurance on Axa’s new North investment platform is another area of contention, as it only offers one product.

“North will be limiting the life insurance offering and that is another area for discussion,” he said.