AMP finalises wind-up of SMSF Advice licence

AMP is in the process of winding up its SMSF Advice channel after the last few advisers on the licence transferred to other dealer groups.

AMP has confirmed that while its SMSF Advice licence is not yet completely closed, it is now in the process of winding down the licence, with the latest data set from ASIC’s Financial Adviser Register indicating that there are no longer any advisers listed under the licence.

Last year, AMP reported that adviser numbers in the SMSF Advice business had fallen by over 70 per cent.

In its results for the first half of 2018, it reported that there were just 16 advisers in total left on the licence. AMP previously stated that the drop was expected and part of AMP’s plans to gradually wind down the business.

It also noted that there are still financial advisers licensed under its other networks that are able to provide SMSF advice. SMSF Advice operates separately to AMP’s SMSF administration business, SuperConcepts, which still remains a significant focus for AMP, said SuperConcepts chief executive Natasha Fenech. “SuperConcepts forms an important part of AMP’s future investment in its wealth business, and we are well placed to continue our leadership position in the SMSF sector for administration and software services,” Ms Fenech said.

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