So much of what happens at AMP is caused by arrogance. I don't think they believed that they would ever be held to account. Even now AMP management are saying they've suffered a hatchet job. Seriously, you cannot make this stuff up.
What you say is correct. AMP is so full of rot and cronies that it is just hamstrung. The reality is that no one at AMP actually knows what they are doing and none of them have ever operated a successful finance business before . The dearth of management ability is manifested in the way that AMP commission externals to do review after review but nothing ever gets done. Most of the income for AMP is generated by their funds management and grandfathered fees but these are under threat as their funds are expensive and basically just follow the index. The only people who sell these are AMP planners who are all trying to get out.
Moving forward AMP look like losing planners, grandfathered commissions and their FUM will reduce. The AMP platforms are doomed by operators such as Netwealth, Hub 24 and BT Wrap (they have 30% of all FUM inflow!) . There isnt much future for AMP and the next round of the RC will show more rot in their superannuation business.
Remember, Murray's advice was to keep the current directors. The same crew that perpetuated this mess. Does anyone really believe that he can turn AMP around?
AMP Price at posting:
$3.62 Sentiment: Sell Disclosure: Not Held
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