If you do a fees comparison on North and Signature super (pretty much the only options now available) the fees are at all-time lows. This means that the business is very competitively priced but also harder to profit from. The North fees are compatible with Netwealth, Hub, Praemium et al but those platforms have superior offerings in terms of functionality.
The Signature Super product has removed most of the external investment options making it less attractive but making sure future funds go to AMP's own funds management. This, in my opinion, makes it basically a legacy product with limited utility.
Lower costs make it more difficult to justify clients leaving the products but IMO their utility does not compete strongly with the aforementioned competitors.
NPAT continues to fall and while actual profit increased it is off a pretty low base. What is the value of a company that makes a net profit of $168m? With no dividends is it even worth 15 times?
what's wrong with AMP?!, page-117
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