AXA SA and AMP look close to securing their A$13 billion takeover of AXA AP after five of the six AXA AP independent directors recommended investors accept the offer.

The deal has already received regulatory approval in New Zealand and Australian.

If successful the deal will see AMP acquire AXA AP's New Zealand and Australian businesses, while the Asian operations will go to AXA AP majority shareholder AXA SA.

 "I see it as being a bit of a shame," said Tate.

He believes the deal will result in an inevitable reduction in available products for advisers in both the insurance and investment segments.

Tate also believes the differing cultures at AMP and AXA regarding advisers, with AMP favouring a more tied approach against AXA's more "free range" structure is another possible issue the takeover will throw up.

He also said the newly created entity would "focus on Australian investments", to the detriment of the insurance side and New Zealand in general, citing the country's compulsory superannuation as one of the attractive factors for AMP.

The merger in New Zealand will look different from the merger in Australia Tate said.

"They'll be different beasts in different countries."

Phil Jones, director of Phil Jones Insurance Services, was more optimistic about the deal.

He said the outcome was more preferable to an earlier bid from National Australia Bank (NAB) and AXA SA as he is concerned about banks "encroaching" ownership of insurers, wanting to see "ownership remaining in insurance."

Jones said it remains to be seen whether AMP and AXA AP will continue to offer their individual products or merge "the best of both, marketed under new entities."

John Wood from the AXA Advisers Association believes the takeover will happen and is "keen to be kept well informed" on behalf of the 270 advisers the association represents.

He said the association is ready to embrace any changes but at present they are awaiting the results of the sale and, if it goes ahead, "we'd want to talk to AMP."

If successfully completed the deal will make AMP the biggest manager of financial advisers in Australia and the leader in the country's A$235 billion market for individual pension funds.

For the New Zealand fund management sector, the deal would see two of the largest KiwiSaver providers merge.

According to Morningstar figures AMP has $822.5 million of KiwiSaver investments while AXA has $522.4 million (as at September 30), and combined they would have the third-largest pool of KiwiSaver assets under management after ING (now OnePath) and ASB.