AMP Financial Planning is no longer the largest licensee in the country, with the title going to the SMSF Advisers Network in a shakeup that reveals just how markedly the licensee landscape has changed in the last 5 years.
AMP FP is now the second largest licensee with 815 advisers, while the SMSF Advisers Network tallied 839 at the end of 2020 according to HFS Consulting. The two remain the only standout licensees in terms of numbers, with independently owned Synchron (515), brokerage outfit Morgans (492) and AMP’s Charter (453) rounding out the second tier.
AMP FP’s backslide is not unexpected, with the group halfway through a three-year transformation announced by CEO Francesco De Ferrari in August 2019 aimed at shedding less profitable advisers and consolidating smaller practices.
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