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.
Comments
I don't know what clients Alex Wade is speaking to but I can confirm that the vast majority of our clients hate AMP and want nothing to do with them.
most Australians would be happy to see AMP recover and rebuild trust there is a lot of negitive talk from financial advisers but they will get what they are intitled to by law
Serious question, why hasn't AMP rebranded and changed their name? Surely this must be a consideration??
If AMP is serious about rectifying its reputation then it should stop filling positions with internal candidates and get some external people that were not involved in the events that led them to the current situation.
AMP will always put AMP first, that you can be sure of. Breaking faith with everyone from clients to advisers, totally focused on their own corporate bonuses. They would sell their own mothers to save their own arses.
AMP is worth more if broken up and sold
when it is rebuilt to a reputable profitable company it will be worth even more
Now Gary you are aware that AMP had 6 divisions, they have sold 3 (including Insurance and NZ) and they will now only have 3 (Banking, Wealth and Capital) from 2020 aren't you? You are also aware that anyone can buy AMP as it's a listed company so it can't be "sold" as such? So what would be your corporate strategy genius? Break up the Bank, Wealth and Capital divisions? Well you can't do that as Wealth loses money. I think you need to read the Annual Report a bit more carefully and may be go back to just posting comments at IFA.
Luckily Westpac has now made AMP look not so bad. Time to do another survey.
I think AMP should refund the money to all the loyal customers who lost their money due to mismanagement of funds. I have been with them for 30 years but acc balance is shocking after paying super to them for that long.
its your responsibility to moniter your accounts now it will be easy with AMP and there new groundbreaking system to manage your money and get away from dodgy financial advisers
they were going to be eaten up by maquarie bank at one point
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