when will AMP HIT $3.00, page-1916

First 1916 Last

Share
Profile

Follow
Boloe

2 Posts.

28/07/20

23:23

Post #: 46137159
Share

1

Originally posted by primer: ↑
So, lets understand this. AMP sells a book to an adviser. It finances the book, charging the adviser interest. Then having successfully lobbied government to remove trail commissions, an act that is against the Constitution under Section 51, lowers the BOLR value to 2.5 times instead of the promised 4.0 times. So, this is a bait and switch trick.
It is the most disgraceful deceptive behavior I have ever seen by these institutions, who essentially used these advisers to sell their products with skewed APL’s, itself a questionable act and now seeks to bury these advisers as they are small and cannot fight back.
I would have thought then that the entire loan ought to be revised from outset, interest adjusted in the adviser’s favor and a penalty imposed on AMP for Unconscionable conduct.
By the way, what of those CEO’s that made of like bandits for giving rise to this fiasco. Will they be paying their bonuses back as well?
AMP cannot be regarded as anything but, along with the major banks and industry funds, entities that simply do not care about advisers, let alone consumers.
They are not demonstrative of trust, regardless of their platitudes and marketing and ought be treated with utter contempt by consumers. Advisers should remove money from these entities as long as it is in the clients best interest.
Greed at all level’s is what this appears like. Their needs to be accountability.
For those that say that this is merely market related. That is nonsense given the deception that has occurred at levels of management at these organizations.
If the book value had fallen as a result of economic forces, one can understand or the failure of the adviser to maintain those clients also is worthy of such an outcome. This was not.
Advisers were made promises that they could sell their book at 4 times. If the adviser was to accept a lower valuation on the removal or trails as part of the calculation and is asked to accept this, then AMP must also acknowledge this and adjust the ratio at say 4 times the balance of the book.
To do otherwise is worthy of the contempt that AMP, their board of management deserve. They need to be held to account.
As to trail commissions, this was a contract at law and as such needs to be tested in Court due to the gravity of the issue as it is unconstitutional at law.
Expand
I reckon the advisers will band together and fight back against the theft. The advisers are not as dumb and disorganised as AMP think. They won't walk away quietly. They have put up with their incompetence for a long time, turning a blind eye. Now being ripped off by management devaluing their businesses by more than 50% will catalyse the planners to work together and stand up to AMP.

Then, when it is a done, what do you think will happen to the top clients? The planners, who own the relationship will move the money out of AMP faster than they can say Best Interests Duty.

Can't see much future growth on the Wealth Management side.

Last edited by Boloe: 28/07/20

AMP Price at posting: $1.69 Sentiment: Hold Disclosure: Not Held
1 Upvote

0 Great analysis

Reply

Top Stories

ASX Market Open: Australian bourse to fall as subdued Wall Street awaits rate cut decision | September 18, 2024

88E

HotCopper users smell capital raising as 88 Energy says "significant update" at Phoenix

PAR

FDA hands Paradigm Biopharma guidance to re-jig phase 3 osteo trial – or is it a delay?

HVN

Harvey Norman clocks subdued gains as Echo Law's junk warranty class action kicks off

CXU

Cauldron discovers shallow uranium up to 2km at WA's Yanrey

There are more pages in this discussion • 3,554 more messages in this thread...

First 1916 Last

Add AMP (ASX) to my watchlist

(20min delay)
Last $1.33		Change 0.003(0.19%)		Mkt cap ! $3.425B

Open	High	Low	Value	Volume
$1.32	$1.33	$1.32	$697.4K	526.9K

Buyers (Bids)

No.	Vol.	Price($)
42	224727	$1.33

Sellers (Offers)

Price($)	Vol.	No.
$1.33	343554	38

View Market Depth

No.	Vol.	Price($)
39	196820	1.325
21	307244	1.320
16	282627	1.315
11	147849	1.310
11	459509	1.305

Price($)	Vol.	No.
1.330	158499	30
1.335	657679	29
1.340	425047	36
1.345	173883	15
1.350	894772	69

Last trade - 11.33am 18/09/2024 (20 minute delay)

AMP (ASX) Chart

when will AMP HIT $3.00, page-1916

ASX Market Open: Australian bourse to fall as subdued Wall Street awaits rate cut decision | September 18, 2024

HotCopper users smell capital raising as 88 Energy says "significant update" at Phoenix

FDA hands Paradigm Biopharma guidance to re-jig phase 3 osteo trial – or is it a delay?

Harvey Norman clocks subdued gains as Echo Law's junk warranty class action kicks off

Cauldron discovers shallow uranium up to 2km at WA's Yanrey

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

when will AMP HIT $3.00, page-1916

Top Stories

ASX Market Open: Australian bourse to fall as subdued Wall Street awaits rate cut decision | September 18, 2024

HotCopper users smell capital raising as 88 Energy says "significant update" at Phoenix

FDA hands Paradigm Biopharma guidance to re-jig phase 3 osteo trial – or is it a delay?

Harvey Norman clocks subdued gains as Echo Law's junk warranty class action kicks off

Cauldron discovers shallow uranium up to 2km at WA's Yanrey

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News