AMP adviser numbers dominate market

Presenting the results, AMP chief executive Craig Dunn said the increase in planner and adviser numbers was vital for the company’s future growth, with AMP having the largest professional financial adviser network in the country.

“In the past 12 months we have grown adviser numbers aggressively,” Mr Dunn said.

There was an increase of 209 advisers to 3,636 at the end of 2012, which maintained “AMP’s market-leading position and demonstrated AMP’s continued appeal to financial planning professionals”, the report said.

Mr Dunn pointed out that AMP’s merger with AXA Asia Pacific had also contributed to its positive planner and adviser growth.

“The strong performance of our wealth management business reinforces the benefits of the merger with AXA, with a suite of contemporary products and services that cater for all key market segments, supported by Australia’s leading financial advice network,” he said.

AMP is looking at new ways to interact with advisers, including via mobile technology.

“We’re positioning the business in a world reshaped by changing consumer behaviour, changing technology and regulatory change,” he added.

The report also highlighted that AMP had successfully positioned itself to capitalise on the fastest growing sector of the Australian superannuation market.

“The number of SMSF accounts under administration tripled during the year through organic client growth along with the acquisition of administration services providers Cavendish,” the report said.

“We’re building our presence in self-managed super as a key part of our plan for the future,” Mr Dunn said.

AMP reported a net profit of $704 million for the financial year until 31 December, 2012, compared with $688 million in 2011.