AMP adviser numbers drop below 900

Mike Taylor

Managing Editor/Publisher, Financial Newswire

28 July 2023

AMP Limited has passed through another milestone with its financial adviser numbers falling below the 900 mark this week, according to the latest analysis from WealthData.

The news of AMP falling through the 900 mark to 899 came at the same time as the key announcement by Insignia Financial that it would be moving to an adviser equity model under a new company structure.

At the same time as announcing adviser equity initiative, Insignia reported it had active advice services relationships with 1,413 financial advisers as at 30 June 2023 comprising 242 advisers in the Professional Services (Employed) channel and 1,171 advisers across Advice Services channels (Self-Employed and Self-Licensed).

“Adviser numbers in the Professional Services (Employed) channel have stabilised following the integration of MLC Advice into Bridges, while the reduction of advisers in the Advice Services channel largely reflects the closure of Lonsdale,” it said.

Key Adviser Movements This Week:

• Net Change of advisers, up by +8
• Current number of advisers at 15,715
• Net Change of (-83) for Calendar YTD
• Net Change new Financial YTD +143
• 18 Licensee Owners had net gains for 23 advisers
• 14 Licensee Owners had net losses for (-17) advisers
• 2 New licensees and 1 ceased
• 5 New entrants
• Number of advisers active this week, appointed / resigned: 40.

Growth This Week – Licensee Owners

• A new licensee had the highest growth at +4 after moving away from Lonsdale, part of Insignia.
• Perpetual up by 2. Gaining one adviser from AAN Wealth and the other from Madison, owned by Clime
• ASVW Holding also up by 2, both being new entrants.
• 15 licensee owners up by 1 each including; WT Financial Group, Sequoia, HESTA and the other new licensee.

Losses This Week – Licensee Owners

• AMP Group down by (-2) and taking their total number of advisers to below 900, to be now at 899.
• A small licensee closed with the loss of 2 advisers
• Telstra Super also down by (-2)
• 11 licensee owners down by (-1) including Australian Unity, Clime Group, Count Group, Oreana and Steinhardt Holdings (Infocus).