AMP regains lead in master trusts
AMP’s giant master trust business has regained its crown at the top of the master trust inflow ladder.
According to the latest Assirt market share figures, nearly half a billion dollars flowed into the AMP Financial Services master trust coffers. Flexiplan followed bringing in $448 million, while fellow National Australia subsidiary National Australia Financial Management was positioned third bringing in a net $425 million in the three months to September 30.
The inflows cemented AMP's position at the top of the master trust league table with more than $13 billion in funds under administration, a large step up from the next biggest master trust manager, Asgard, which manages more than $8 billion. Or seen in terms of market share, AMP has a 24 per cent slice, whereas Asgard has 14 per cent and Norwich's Navigator has built itself up to 10 per cent.
Thanks to its army of more than 2000 advisers feeding new business into the master trust, AMP Financial Services grew funds under administration by almost 8 per cent on the previous quarter.
Assirt associate director Anthony Serhan says in addition to its distribution advantage, other factors came into play for AMP in the September quarter.
"AMP had a lot of trusts consolidated into one at the beginning of 2000, which really began to have effect by the September quarter," he says.
Serhan also says that it's a safe bet that the recent boom for AMP is driven by its in-house advisers, who have had success in taking master trusts direct to the corporate superannuation market.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
