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
Asset management tops salaries in product management, marketing
|Professionals in asset and wealth management can command premium salaries in the fields of product management and development, as well as marketing and communications, the latest Parity Consulting Salary Guide and Market Insights reveals.
JPMAM expands private equity strategy to wealth clients
|J.P. Morgan Asset Management (JPMAM) has launched the JPMorgan Private Markets Fund (JPMF) in Australia, in a bid to bring its institutional-grade private equity strategy to private wealth clients.
HESTA follows Cbus on death benefit nomination changes
|HESTA has introduced an option for members to make a non-lapsing binding death benefit nomination.
Allianz Retire+ channels super directly to lifetime income
|Allianz Retire+ has launched a new direct super pathway to access its guaranteed lifetime income solution for eligible Australians.
Videos
Brought to you by ![]()
Further Reading
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
Andrew Gregory
CHIEF ADVICE OFFICER
UNISUPER
UNISUPER
After 25 years, Andrew Gregory remains motivated by the impact financial advice can have on Australians' lives. As UniSuper's chief advice officer, he is not slowing down on any of his current ambitions. Matthew Wai writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
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.