AMP distribution faces tough first quarter

amp-financial-planning/wealth-management/amp/dealer-group/australian-securities-exchange/

10 May 2012
| By Staff |
image
image
expand image

AMP-aligned dealer groups appear to have faced a tough period, with all bar one reporting negative cash-flows in the first quarter of 2012.

According to the report released by AMP to the Australian Securities Exchange, Charter Financial Planning was the only dealer group with positive results, having reported $17 million in net flows in Q1.

The biggest surprise was AMP Financial Planning, which reported -$41 million in net flows, compared to $49 million same time last year.

The biggest money-maker for AMP with respect to distribution was its direct channel, which includes corporate superannuation.

AMP also reported -$292 million of net flows for its overall wealth management business, including platforms, superannuation and risk.

The results "reflected continued uncertainty and subdued investor sentiment", the company said, but it maintained these products had "strong cash-flows despite challenging conditions".

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS