An AMP spokesperson told SMSF Adviser that Australia’s largest financial advice network remains committed to the SMSF Advice business it established to on-board accountants looking for AFSL solutions following the end of the exemption in July 2016.

“SMSF Advice remains an important part of our business and we continue to provide licensing to accountants who provide SMSF advice to their customers,” the spokesperson said.

Mr Hannan’s departure follows the news that almost 30 SMSF Advice authorised representatives left the licensee in December 2016 and January 2017. A subsequent update to the ASX revealed that the network has seen almost 600 departures in total in 2016, including a 37.2 per cent reduction in the size of its SMSF Advice subsidiary.

However, an AMP source, speaking on the condition of anonymity, said Mr Hannan’s departure was not related to these changes but was the result of an opportunity arising with another organisation.

The source said SMSF Advice managing director Stuart Abley will remain in his role.