AMP Private Wealth Management is seeing good things ahead for its new high net worth advice unit, Investor Daily writes.

Since it was established in the second half of 2009, the division has attracted 170 clients and A$184 million ($165 million) in funds under advice. Much of its success is attributed to the division's core business performance, cost control strategies, and robust profit margins.

"We have successfully introduced a fee-for-service model across our Australian planner network well ahead of the industry, launching a product range that appeals to a broader customer base, built on our expanded presence in Asia and introduced more distribution channels, including a bigger presence in the independent financial advisor market," Craig Dunn, chief executive, was quoted as having said.

Dunn noted that there are no immediate plans to double advisor numbers as the division is still in its early growth phase.