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clock Created with Sketch. 13/05/18
11:16
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Originally posted by HAC30
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The risks here to AMPs business are massive but many don't seem to grasp why. People outside the industry don't understand the amount of $$ AMP derives from grandfathered commissions/pre-opt in fees (these mostly fee for no service)... Many advisers within the AMP network have thousands of clients each due to these grandfathered arrangements and they simply cannot service so many clients. If the royal commission abolishes such arrangements, as evidence says they should, their wealth management arm will take a massive hit.
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Can the advisers leave in droves? As I understand it, if they leave they are precluded from working for 3 years which seems unlikely unless they are prepared to retire and walk away
(20min delay)