AMP FP sees adviser numbers drop below 1,000
The adviser numbers at AMP Financial Planning, the biggest financial planning group in Australia, dropped this week to below 1,000 for the first time in years. By comparison, at the start of 2019, the firm had close to 1,400 advisers, according to analysis from HFS Consulting.
Year to date, the firm saw a loss of 157 advisers, according to the HFS analysis.
AMP FP has been also a consistent winner in the Money Management TOP Financial Planning Groups Survey for the past five years.
According to the Money Management’s survey, which is the longest running annual snapshot of the leading advice group in the sector, the firm had more than 1,700 active authorised representatives who were financial planners in 2015.
Following this, in years 2016 and 2017 AMP FP registered a significantly lower number of planners which stood at close to 1,650 and more than 1,500, respectively.
Within the last two years, this number continued to drop to slightly above 1,400 in 2018 and 1,255 mid-2019.
HFS Consulting’s director, Colin Williams, said that when analysing all the licensees operating under AMP umbrella, the group still had 1,855 adviser roles which represented a loss of 287 for this year to date.
“Losses were greater as AMP Financial Planning saw a net loss of -4 and sister licensee, Charter, also losing -2 adviser roles,” Williams said.
On the positive side, year to date, Lifespan was still leading the way with net gain of 44 advisers, followed by Interprac at 40.
“What this growth does not accurately convey however is that for every 3 advisers authorised, we have lost an adviser, the vast majority of these having made the decision to leave the industry,” the company told Money Management.
Lifespan would continue to field enquiry from a broad range of advisers, many from the institutional space seeking alternatives to their current arrangements, the firm We continue to increase our resources and staff numbers in light of this ongoing interest and remain keen to work with culturally aligned, quality advisers who value strong compliance and a desire to engage.”
AUTHOR
Oksana Patron
Recommended for you
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
Australia has marked a decade among the best countries for retirement, according to Natixis, but with high inflation threatening their retirement goals, a third say they would get professional advice to improve their chances.
When it comes to the risks of acting as a responsible manager at an AFSL, compliance firm Holley Nethercote has shared a range of red flags that could see them facing disciplinary action from the corporate regulator.
Wealth management platform provider Netwealth has announced a partnership with FinClear to streamline trading capabilities for advisers.
