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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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Data reveals ‘big uptick’ in adviser exits
Data reveals ‘big uptick’ in adviser exits
Almost 80 advisers left the industry in the last working week of 2020, with AMP finally losing its crown as the biggest licensee in Australia, according to new data from Adviser Ratings.
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According to the group’s weekly adviser movements update, 78 advisers left the industry in the week to 24 December 2020, which was “a big uptick from prior weeks”, Adviser Ratings founder Angus Woods said.
Including data from Adviser Ratings’ earlier adviser movements updates for the month, it’s estimated that almost 250 practitioners left in December, with the industry exodus continuing as many made the choice to retire at the end of the calendar year.
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