In a series of presentations yesterday and planned for today, Craig Dunn, head of AMP Financial Services, and Paul Leaming, chief financial officer, told investors the group’s expansion plans would include the development of “complementary” advice channels.

According to the AMP roadshow presentation filed with the ASX, as well as growing new advice channels alongside its main financial planning groups, the company was also “developing customer propositions for different lifestages to retain customers for life”. Currently, AMP’s two main advice brands – AMP Financial Planning and Hillross – cater to the mass affluent market. However, the group has made forays into the high net worth market, buying the PriceWaterhouseCoopers advisory network, since branded Arrive Wealth Management. AMP has also attempted to launch an accountancy-based advice group Magnify, which failed to attract any advisers. Arrive is now a sub-brand of the Hillross network. In the Asian investor presentation AMP also said it would grow “planner numbers at above-market rates”. The group already has one of the largest distribution networks in Australia with over 1,500 advisers across AMPFP and Hillross. According to the presentation, net cashflow for AMP Financial Services was up 53 per cent over the last financial year to $3.5 billion.

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