Will AMP drop through the 1000 adviser threshold?
At the beginning of 2019 AMP Limited could boast 2,474 financial advisers working under its various licenses and listed on the Financial Adviser Register (FAR). Today that has dropped to 1,004 – a decline of nearly 60% in three years.
Reflecting both the continued exit of financial advisers and AMP’s changed corporate strategy, the decline in adviser numbers employed by the company has to be seen in the context of total financial planning numbers in Australia declining by 41.51% over the same period to now stand at 16,376 advisers.
The question being posed is whether, under its current strategy, AMP adviser numbers will settle between 900 and 1000, or lower?
In the meantime, Insignia (IOOF) is now the largest licensee in terms of adviser numbers 1,095.
What the latest analysis from WealthData reveals is that accountants who were delivering advice under the limited licensing arrangements intended to replace the so-called accountant’s exemption registered the largest per centage decline in numbers down 699 or 75%, followed by those employed by superannuation funds down 38.23% or 769 since 2019.
However, in numerical terms, holistic financial planners represented the largest cohort of departures, with 6,292 exiting the FAR or 36.7%.
The latest WealthData analysis of the FAR reveals that at the end of last week, there was a net loss of seven advisers, with 13 new Provisional advisers being registered.
The analysis revealed that AMP’s numbers had reached 1,004 as a result of the loss of six advisers.
The changes to the FAR appeared to reflect licensee reporting with respect to advisers who had either passed or failed the latest financial adviser exam.
While 20 experienced advisers were reported as coming off the FAR, licensees such as NTAA reported an increase of six advisers, suggesting that advisers had been reinstated to the FAR after passing the exam.
Let’s hope they reach 0 and AMP disappears completely. Feral organisation run by worse people.