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 hits back at parliament: 'Simply not realistic'
|The financial regulator has hit back at suggestions it isn't doing enough to deal with community complaints.
The risks and opportunities in advice: SIAA
|This year's Stockbrokers and Investment Advisers Association (SIAA) Conference will take a deep dive into how major financial advice reforms will impact superannuation funds and how they are preparing to help Australians particularly retirees access advice.
AMP Advice partners with BlackRock and Lonsec
|Through the partnership, AMP Advice will introduce a new category of tailored managed portfolio solutions.
Succession planning troubles family offices: J.P. Morgan
|Global family offices remain deeply concerned about how to prepare the next generation to inherit a vast fortune as almost 30% do not have a structured approach to help them, a new study from J.P. Morgan reveals.
Videos
Brought to you by ![]()
Further Reading
 Sponsored by | Where do advisers invest their time?The stage 3 tax cuts have sparked discussions on bracket creep. Implementing a tax-effective investment strategy is crucial now more than ever. |
 Sponsored by | Quality and Yield. A Powerful combination.With central bank rates seemingly peaked, investors are not awaiting yield increases. We're bucking the trend with investment rates at decadal highs |
 Sponsored by | Why it could be a good time to be a growth contrarianGrowth-style companies are in vogue, but you may need to think outside the box to ensure you don't overpay. |
Products
Expert Feed
Why advisers should consider offering general insurance to HNW clients
I have read many articles over the years about servicing high-net-worth (HNW) clients in the financial services industry.
The role of AI in financial planning: Insights from the US
Ever since ChatGPT burst onto the scene late last year, generative AI has been front and centre of business discussions and financial planning, just like ...
Considerations when nominating a charity for your super upon death
There has been a lot of talk lately about the upcoming great wealth transfer, and you might be wondering where charities fit into all this.
The end of free money
With institutional investors prudently reassessing their risks in current market conditions and seeking safe havens in alternatives such as secured private ...
Featured Profile
Fiona Mann
HEAD OF LISTED EQUITIES AND ESG
BRIGHTER SUPER
BRIGHTER SUPER
Brighter Super head of listed equities and ESG Fiona Mann was shaped by a childhood steeped in military-like discipline and global nomadism. Andrew McKean writes.
Download the app Premium subscribers can access even more content from Financial Standard. |  |
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.