The economics of wealth including advice are interesting.
The good news is that while AMP has halved the number of advisers it is about to lift licensee fees. If they gave 1500 advisers they may get as much as $50m for licensee fees, up from about $25m when they charged more advisers a lot less. But when you look at the size of the losses, you can see that the cost savings will have to be huge to shift this division to profit. Worse still when you look at net outflows and the shift into lower margin product.
‘’The buzz words about technology and advice for all is just rubbish. There is no money there.
AMP Advice and Wealth, page-4
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| Open | High | Low | Value | Volume |
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