Rating, page-8

From the AFR this morning. Paragraph illustrates simply how archaic their business model has been... Planners will sell their commission based businesses back to AMP and grandfathered commissions will be absolished, meaning AMP is essentially forced into buying financial planning clients worth very little.

"A fundamental challenge for AMP is to increase its net cash inflows to offset the impact of margin decline. This won't be easy given its main channel to flog products is through an army of planners, which have been declining in recent years.


AMP had to provide details of the BOLR agreements to the royal commission. Documents uploaded include a 2012 agreement and a 2017 agreement.

The 2012 BOLR puts a floor on the value of the business at four times the value of commissions and one times for fee-for-service revenues, which is a tell-tale sign of how valuable commissions were deemed relative to having to provide a service then bill the customer for advice provided."

David Murray still fighting for the thieving to continue.... Hes comical.