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.
Actually, it’s a sign that the compliance hurdles and risks and time costs are too high for advisors to make it viable.
Yep at huge cost. The days of receiving free advice are over my friend and SMSF Trustees will not outlay these exorbitant costs.
It is hardly surprising the large numbers of professionals walking away from the business given the continual attack being waged on the SMSF sector.
At a significant cost
Just another example that limited / strategic advice only doesnt work – Time for accountants to wake up !! – your clients demand full advice – if you wont provide it, there are plenty ofthers that will.