Adviser sentiment towards AMP improving
AMP Limited is still claiming it is possible to turn its financial advice business into a standalone and profitable enterprise.
The company used its full-year results announcement to the Australian Securities Exchange (ASX) to declare that it had improved its underlying loss in the advice business by $21 million to $47 million.
“The quality of AMP’s adviser network remained strong with average revenue per advice practice above the industry average of $1.75 million,” it said.
The company said aligned adviser numbers continued to stabilise during the year as adviser sentiment towards AMP continued to improve with adviser satisfaction scores at 80% up from 68%.
The company reported underlying net profit after tax was up 6.5% for the year to $196 million, with statutory net profit of $265 million reflecting the sale of AMP Capital and SUperConcepts offset by litigation and remediation costs.
“The quality of AMP’s adviser network remained strong with average revenue per advice practice above the industry average of $1.75 million,” it said.
The company said aligned adviser numbers continued to stabilise during the year as adviser sentiment towards AMP continued to improve with adviser satisfaction scores at 80% up from 68%
Not that anyone cares, but really who’s going believe them?
I assume this was a survey of AMP aligned advisers only, because the rest of us don’t care. And as Mandy Rice Davies once said about the McMillan government, “they would say that, wouldn’t they”
Still losing money on advice. Surveying your own advisers (where you own equity in the businesses) is hardly a ground breaking assessment. The sooner this scab of a company is gone the better for financial planning in Australia.
AMP: I surveyed myself and the results were, I was 80% satisfied with myself. Outstanding !
I very much doubt if adviser sentiment is improving