Adviser numbers more than halve at AMP
The number of advisers at AMP is approaching less than 1,000.
In the latest Wealth Data findings, the firm found AMP had 1,004 advisers in the week to 22 September. This compared to 2,600 at the start of 2019, a decline of 61%.
Earlier this year, AMP chief executive, Alexis George, stated the firm’s advice business had been running at a substantial loss in recent years and was projected to do so in 2022. However, the firm was keen to engage with advisers and embrace technology to improve its offering.
Overall, there was a net change of seven advisers, down from 16,359 to 16,352.
Some 33 licensee owners had net gains of 46 advisers and 39 licensee owners had net losses of 52 advisers. Two new licensees commenced and four ceased during the week to 22 September.
NTAA (SMSF Advisers Network) saw six advisers rejoin after exiting the Financial Adviser Register (FAR) in December 2021. Highfield Group (Insight Partners) grew by three with two advisers switching across from Charter in Western Australia.
There were 13 provisional advisers, which Wealth Data said was the third week of solid growth in that category, following 14 in the previous week and 25 in the week before that.
AUTHOR
Laura Dew
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
