No net change in number of AXA firms
Despite noise from the marketplace suggesting competition from rivals looking to poach AXA financial planning practices, there has so far been no significant net change between firms leaving and joining, according to AXA.
AXA’s general manager of network development Paul Williams (pictured) said the group had anticipated movement from its competitors in the wake of the merger, but despite the fact that one practice had recently announced its intentions to switch over to MLC, there had so far been no significant net difference between firms leaving and joining.
“As is always the case in these merged environments, we knew some advisers would leave us and some advisers would join us, and that has certainly been the case. That’s just competition, and competition is a great thing,” he said.
AXA is determined not be distracted by the noise in the marketplace and is instead focusing on the benefits to the group and its advisers that will flow from the recent merger with AMP, he said.
A major incentive for practices to continue with the group is a $100 million bank finance package from AMP as part of its welcome package to AXA advisers to help with acquisitions, successions and refinancing, Williams said.
“We’ve now got a licensing proposition that owns a bank,” he said.
The merged group still has one of the strongest value propositions for advisers, and the group will continue to focus on delivering services to advisers and helping them grow their businesses, he said.
“It’s a very competitive environment. We need to continue to demonstrate value to our advisers and the benefits of being in the merged group,” he said.
Williams also outlined an ongoing commitment from the group to its platforms and products, and a commitment from AMP to AXA’s multi-brand advice model.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
