Does AMP risk a planning client exodus?

amp planners exodus

4 May 2018
| By Mike |
image
image
expand image

Financial planning clients of AMP Limited and the big banks may have been spooked by the revelations at the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services, but that has not yet translated into a client exodus.

While a number of independent financial planners and industry superannuation funds have reported higher levels of inquiry following the Royal Commission revelations about fee for no service, others have said this has not yet translated into migration.

NGS Super acting chief executive, Laura Wright said the fund had received inquiries from AMP clients working in the education sector, while a number of planning group principles said they had seen a higher than normal levels of inquiry following the Royal Commission revelations around fee for no service.

However, Quantum Financial Planning’s Tim Mackay said the firm had not noticed a discernible uptick in inquiries.

“We haven’t noticed that to be honest,” he said. “And that’s probably because the reputation of an institution isn’t as important if clients have an established relationship with their planner and have built trust.”

Mackay said that while firms such as his were always looking for new clients, he had not personally seen any great change in the level of inquiries.

However, he said that might change if further issues were raised by the Royal Commission.

Read more about:

AUTHOR

 

Recommended for you

 

MARKET INSIGHTS

sub-bg sidebar subscription

Never miss the latest news and developments in wealth management industry

Graeme

FWIW I am a long term holder of both. I am relaxed about my LICs trading at a discount. Part of a cycle. I would like...

2 days 9 hours ago
Ross Smith

The term "The democratisation of private assets continues to gain steam" is marketing misleading. There is no democracy...

2 days 11 hours ago
Greg

I have passed this exam, and it is not easy or fair exam. It's no wonder that advisers are falsifying their results. ...

5 days 11 hours ago

AustralianSuper and Australian Retirement Trust have posted the financial results for the 2022–23 financial year for their combined 5.3 million members....

9 months 3 weeks ago

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super. ...

9 months 2 weeks ago

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Moshinsky....

9 months 3 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND