AMP claims top position as largest advice business

AMP’s leap in ranking occurred following WT Financial Group's acquisition of the Millennium 3 AFSL from Insignia, marking a significant shift in the industry hierarchy.

Earlier this week, WT Financial Group announced it had completed the acquisition of Millennium3 from Insignia Financial, taking ownership of 100 per cent of the issued capital of Millennium3.

The addition of the Millennium3 network to WT Financial brought in around 140 wealth and personal risk insurance advisers from more than 75 privately owned practices across Australia.

According to Wealth Data, Insignia’s loss of Millennium3 has seen AMP Group leapfrog insignia to be the largest business, while WT Financial Group move up one spot to third position.

AMP now has 871 advisers, Insignia 785, and WT Financial 561.

Both AMP and Insignia have experienced significant adviser losses in recent times, which is a contrast to their earlier projections. Namely, when Insignia (then IOOF) announced it had entered into an agreement with MLC in 2020, it anticipated becoming the number one advice business by adviser numbers.

The latest adviser data also revealed a dynamic week of adviser movements, with a net change of advisers at zero, maintaining a total of 15,670 advisers.

Notably, this week's report indicates a net change of -128 advisers for the calendar year to date, with a positive net change of 114 advisers for the financial year to date.

Key adviser movements highlighted a resilient industry landscape, with 24 licensees experiencing net gains of 32 advisers, while 22 licensees faced net losses totalling 33 advisers. This week saw the emergence of five new entrants.

In the growth column, Shaw and Partners secured an additional five advisers, with notable movements from Morgan Stanley, Macquarie, and Ord Minnett. Meanwhile, Count Group reported a net gain of two advisers, absorbing both advisers from Consultum, previously owned by Insignia.

Conversely, in the losses column, the Australian Investment and Insurance Group faced a downturn of 4 advisers, marking a total loss of seven advisers in recent weeks. Insignia, down 4, witnessed two advisers joining Count and 2 yet to be reappointed, while Euroz Hartleys Group reported a decrease of 3 advisers.