How much trust in AMP took a hit
AMP Limited is hoping to restore positive public perceptions over the next three years after suffering a 16-point hit to its reputation during and after the Royal Commission.
Amid continuing consternation over the company’s restructure and its handling of Buyer of Last Resort contracts, AMP’s head of wealth, Alex Wade has told a Parliamentary Committee that AMP stood at 64 points on a reputational index prior to the Royal Commission and was now sitting at just 48.
However, he said he believed that there remained “latent support” for the brand.
Wade said that the reputational index had been stable for about 10 years, and then dropped 16 points after which it had flat-lined.
Notwithstanding this, Wade said his own interactions with clients suggested they wanted AMP to recover and rebuild trust.
Asked what timeframe would be involved in AMP rebuilding its reputation, Wade said that AMP had announced a three-year corporate transformation and he expected that its reputational recovery would be in line with that.
“I think that as we start to demonstrate achievement in our transformation objectives of simplification, better client experience and those sorts of things then trust will come back,” he said.
The Australian Securities and Investments Commission (ASIC) has acknowledged that investigations are continuing into a number of referrals from the Royal Commission.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
