AMP wealth management grows AUMBY DARREN SNYDER | THURSDAY, 7 MAY 2015 12:50PMAMP reported an increase in its wealth management business for the first quarter of 2015, seeing assets under management up 6% to $116.1 billion. Related News |
Editor's Choice
ASIC cancels AFSL of Australian Fiduciaries
|ASIC has cancelled the Australian financial services licence (AFSL) of Queensland-based Australian Fiduciaries, which is currently in liquidation.
Treasury expects regulators to do the heavy lifting
|Treasury has released new Statements of Expectations for APRA and ASIC, with an emphasis on how the regulators should promote a more sustainable and secured financial ecosystem.
NGS Super names head of strategy
|NGS Super has appointed the former ASFA chair as head of strategy, as the fund aims to strengthen its retirement offering.
SS&C axes jobs, shifts roles offshore
|US software services giant SS&C Technologies has slashed 170 Australian roles in the operations, technology and delivery teams.
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Blake Briggs
CHIEF EXECUTIVE OFFICER
FINANCIAL SERVICES COUNCIL
FINANCIAL SERVICES COUNCIL
Since becoming chief executive, Blake Briggs has renewed the Financial Services Council's influence, expanded the membership base, and strengthened its policy and advocacy credentials. Karren Vergara writes.
The AMP push into the SMSF sector has been an interesting case study. AMP has tried to win over trustees of SMSFs who historically shun advice from large financial institutions.
Over the past 3 years AMP and its part owned business SuperIQ have made some bullish statements about their position in the SMSF market. Generally the claim is to have between 80,000 to 100,000 SMSF accounts within 5 to 10 years.
AMP has spent heavily on investing in or acquiring established SMSF administration businesses (SuperIQ - $30M; Cavendish $20M; Super Concepts/Tranzact/SmartSuper/Y... In addition AMP inherited Multiport from the AXA acquisition.
Over the past 3 years AMP has expended much time, effort and money in technology and positioning the AMP SMSF brand.
It would appear that the step into the SMSF space has been an expensive mistake. The AMP SMSF business model is not profitable (AMP results FY14) and AMP is now losing clients.
It may be time to make some tough decisions at AMP headquarters.