AMP has released its financial results for 2014, pointing to a slight increase in adviser numbers and the beginning of a “new approach to advice”.
The financial services giant reported that net profit was up 32 per cent to $884 million in the full year to 31 December 2014, largely off the back of a “strong result in [its] domestic franchises of wealth and investment management”.A statement outlining the results also hinted at a number of changes anticipated within the financial planning business, including a "transformation" of its face-to-face advice model.
“A package of measures to lift the quality of advice is being introduced along with a new approach to advice being piloted in five locations,” the statement said.
An investor document reveals the "new approach" will involve building an "omni-channel experience for customers" with a single online portal bundling wealth management, advice and banking.
The company also intends to expand its digital mobile capabilities and "refine and scale up advice approaches".
“AMP is also investing in services, platforms and digital capabilities to improve adviser quality and productivity. Australian adviser numbers are up slightly at 3,844 in a period of regulatory uncertainty.”
The rise in adviser numbers comes despite the decision to close the Genesys Wealth Advisers dealer group.
More to come.
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