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
Insignia Financial has announced a board director will be stepping down next year after almost a decade amid a board refresh.
Zenith Investment Partners has appointed a Brisbane-based business development manager, who previously led Fitzpatrick Private Wealth Partners as a director and senior adviser.
Praemium has said it is open to investing in artificial intelligence “in a big way” as it believes it can transform the business and details how it is already being used by the firm.
Sequoia has shared its strategic initiatives for FY25, including organically increasing its licensee market share and restructuring its specialist investment arm.
