AMP underlying profit up 23 pc
AMP has posted a solid result for 2014, with underlying profit up 23 per cent year on year, largely driven by growth in its wealth management business.
The Group's underlying profit hit $1045 million in the 2014 financial year, up from $849 million in 2013.
Cash-flows in the Australian wealth management business were up $115 million on the previous year, to $2.2 billion, with operating costs down 13 per cent.
AMP's wealth protection business showed improvement as well, with operating earnings at $188 million, compared to $64 million in 2013.
CEO of the Group, Craig Meller, attributed the results to AMP's strategy, which includes making the business "leaner and more efficient".
Part of the 2015 strategy includes measures to improve the quality of advice, with a "new advice" program to be piloted in five branches, AMP said.
Against the backdrop of the Future of Financial Advice (FOFA) reforms, adviser numbers increased slightly to 3844, it said.
Recommended for you
Insignia Financial has returned to profit in FY25, after a $185 million loss in the previous year, while its advice division grew their revenue per adviser by 14 per cent.
With licensee switching on the rise, particularly for newer advisers, compliance expert Sean Graham has shared red flags to watch out for when making the jump between AFSLs.
Beyond their investment benefits, over a third of advisers say utilising managed accounts solutions has allowed them to take on more clients, according to Praemium.
Insignia Financial’s wrap platform has appointed Heidi Press, former HUB24 head of product management, to spearhead the design and delivery of the MLC Expand platform.
