New advice entrants surpass 100 in FYTD; AMP to sell off advice licensees for $10.2m

More than 100 new entrants have joined the financial advice profession so far in FY25, according to Wealth Data analysis, while AMP’s exit from advice will create a licensee shake-up.

AMP has announced it will be selling its advice licensees and self-licensed offering for $10.2 million, and detailed its financial results for the first half of 2024.

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The advice division of AMP could have lost another $40 million in the future if the firm had retained it and was “never going to get to breakeven”, according to chief executive Alexis George.

Platinum Asset Management has shared its latest monthly update amid its turnaround strategy, with outflows continuing to impact its FUM.

Wrap platform Expand has announced it has doubled the number of separately managed accounts available for advisers, with five new investment managers added.

The Principals’ Community has enhanced its value proposition by partnering with SuperConcepts, enabling its self-licensed advice practices to utilise the SMSF software.

In this episode of Relative Return, host Laura Dew speaks with Michael Hunstad, deputy chief investment officer and chief investment officer of global equities at Northern Trust Asset Management, to debunk myths around index investing.