Adviser numbers more than halve at AMP
The number of advisers at AMP is approaching less than 1,000.
In the latest Wealth Data findings, the firm found AMP had 1,004 advisers in the week to 22 September. This compared to 2,600 at the start of 2019, a decline of 61%.
Earlier this year, AMP chief executive, Alexis George, stated the firm’s advice business had been running at a substantial loss in recent years and was projected to do so in 2022. However, the firm was keen to engage with advisers and embrace technology to improve its offering.
Overall, there was a net change of seven advisers, down from 16,359 to 16,352.
Some 33 licensee owners had net gains of 46 advisers and 39 licensee owners had net losses of 52 advisers. Two new licensees commenced and four ceased during the week to 22 September.
NTAA (SMSF Advisers Network) saw six advisers rejoin after exiting the Financial Adviser Register (FAR) in December 2021. Highfield Group (Insight Partners) grew by three with two advisers switching across from Charter in Western Australia.
There were 13 provisional advisers, which Wealth Data said was the third week of solid growth in that category, following 14 in the previous week and 25 in the week before that.
AUTHOR
Laura Dew
Recommended for you
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
Betashares has named the top Australian suburbs with the highest spare cash flow, shining a light on where financial advisers could eye out potential clients.
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
