**bring it on***, page-18

The difficulty in valuing wealth management including north is that this is the business that others won’t buy unless they had to as part of overall deal. So AMP has to focus on making the business as profitable and attractive as possible.

The concern I have is this part of the business is adviser based. The skill required to make money here is about running advisers services and providing advisers with products they want to use. It also requires good adviser relationships with both advisers you provide licensee services to and those you provide products to. AMP lacks skill and the people to do this well. Ferrari was not experienced in this. Murray wasn’t. Debra isn’t and neither is Alexis.

All the technology, digital advice, advertising and unprofitable new ventures has not changed that AMP profit is largely still adviser linked. Advisers have the relationships with profitable clients. AMP have weakened their relationship with advisers.