AMP holds top two dealer groups
The so-called “fifth pillar” of Australia’s banking sector, AMP, now owns the two biggest dealer groups in Australia.
According to this year’s Money Management/DeXX&R Top 100 Dealer Groups of the Year list, AMP Financial Planning (AMPFP) and Charter Financial Planning hold the top two spots respectively in terms of planner numbers.
AMPFP has long been way ahead of any other dealer group in the market and now has close to 1700 advisers, while Charter (779 advisers) grabbed spot number two after AXA Financial Planning practices transitioned into the group.
Apart from the top two dealer groups, AMP also owns Hillross Financial Services, Genesys Wealth Advisers, ipac securities and Quadrant Securities, adding another 622 advisers and cementing the insto’s place as the one with the largest financial planning network in the country.
ANZ-owned millenium3 is still in the top three despite losing a number of advisers during the last year, according to the table, with Commonwealth Financial Planning and NAB Financial Planning holding spots four and five.
Professional Investment Services remains the largest non-institutionally owned dealer group in the market. RBS Morgans also makes the list, though non-aligned dealer groups are becoming a rare breed, especially with regards to the 50 biggest financial planning groups.
The Top 100 Dealer Groups table is due to be published on 25 July.
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.
