Super business AMPlifies
Strong sales of corporate and retail superannuation products increased the flow of new business into AMP Financial Services' Australian operations last year.
New Australian business rose 41 per cent in 1998, while New Zealand sales grew 30 per cent and UK sales improved 13 per cent.
The big rise in Australia was driven by a 37 per cent rises in corporate and industry superannuation sales and an identical rise in retail sales.
"The excellent sales results in 1998 reflect our strong distribution capabilities in what is an increasingly competitive environment," says AMP chief executive George Trumbull.
AMP's distribution is spearheaded by the group's 1300 advisers and external financial planning groups with AMP on recommended lists. The group also has a fledgling direct business and a growing salaried adviser channel.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
