AMP falls below 900 advisers

There has been a net gain of eight advisers in the past week to 27 July, according to Wealth Data.

The current number of advisers is at 15,715, and there are net gains of 143 for the financial year. Over the calendar year to date, there has been a net loss of 83.

Two new licensees commenced and one ceased, with 18 licensee owners having net gains of 23 advisers and 14 licensee owners having net losses of 17 advisers. 

The number of advisers who were appointed or resigned in the week to 27 July was 45, which Wealth Data founder Colin Williams said is around half the usual number.

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AMP Group is down by two advisers, which means their total numbers have dropped below 900. It previously fell below 1,000 advisers at the end of September 2022. 

AMP is due to announce its financial results on 10 August and noted earlier this year, it will be reporting its advice business individually rather than as part of the Australian wealth management division.

Platform, MasterTrust and advice will all now be reported individually, which the firm said “aligns with its more focused business and streamlined operating model, in line with recent announcements”.

This includes the decision in May to scrap Scott Hartley’s chief executive of Australian wealth management role ahead of a move to a more streamlined operating model by the end of the year.

“The role of chief executive, Australian Wealth Management (AWM), will be removed with a transition to a new operating model to occur by the end of the year. With the recent transactions largely complete, a flatter organisational structure is appropriate,” an announcement in May said.

“As a result, the AWM business will be dissolved. Scott Hartley will work with the team to transition to a new operating model over the next six months, before departing AMP. The decision reflects the strong work done to position the platform’s business for growth, while stabilising and delivering efficiencies within the advice and MasterTrust businesses.”

Other losses include Telstra Super, which is also down by two, and the closure of a small licensee that has caused the loss of another two advisers. 

Australian Unity, Clime, Count and Steinhardt Holdings (InFocus) are among 11 licensee owners that have reported losses of one.

Breaking it down by licensee growth, the highest growth comes from a new licensee which has gained four advisers who moved over from Lonsdale, part of Insignia.

Perpetual has gained two, one from AAN Wealth and one from Madison, which is owned by Clime, and ASVW Holdings is also up by two. Both ASVW Holdings advisers are new entrants.

There’s a net tail of 15 licensee owners which are each up by 1, including WT Financial Group and Sequoia.