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.