AMP Financial Planning, Australia’s largest dealer group, is Money Management’s Institutional Dealer Group of the Year.
AMP Financial Planning (AMPFP) has been named Money Management Institutional Dealer Group of the Year for 2011.
AMPFP emerged as the clear winner of the award on the back of planner retention, planner growth and the ratio per planner of funds under administration (FUA) over the past 12 months.
The runner-up in this year’s Institutional Dealer Group Award was Commonwealth Financial Planning, which, while recording a strong performance in terms of the overall metrics, did not rate as strongly as AMPFP with respect to overall planner turnover.
While AMPFP has once again been confirmed as Australia’s largest financial planning group, it is the first time it has emerged as a winner of Money Management’s Dealer Group of the Year survey.
Money Management this year decided to break the Dealer Group of the Year survey into two components – Institutional Dealer Group of the Year and non-aligned Dealer Group of the Year. This separation was based on the radical differences that emerged in the data collected as part of Money Management’s survey.
That data confirmed that most growth had occurred among institutional planning groups or those aligned to the major institutions.
Commenting on his company’s win, AMPFP chief executive Michael Guggenheimer pointed to the company’s strategy to grow its planner numbers, including its financial planning academy.
“AMP is pleased to be named Money Management Institutional Dealer Group of the Year,” he said. “One of our goals is to increase our advice footprint so we can help more Australians secure their financial future.
“To achieve this, we have a strong focus on growing our planner numbers and quality advice. We spend a lot of time assessing any candidate who wants to join AMP Financial Planning, be they a career changer who is just starting in the profession or an experienced planner looking to join the strength of the AMP brand and offering.”
Guggenheimer said that while AMPFP believed it was great to be number one in the institutional arena, it was not something the company would be taking lightly – or for granted.
“We will be continually looking to improve our model and offering,” he said.
