AMP’s aligned adviser numbers continued to stabilise during the 2023 financial year as adviser sentiment towards AMP continued to improve, the company says.
In announcing its 2023 financial results, and looking specifically at its Advice business, AMP says its adviser satisfaction scores were at to 81%, up from 68% at FY 22.
The company says the quality of its adviser network “…remained strong with average revenue per advice practice above the industry average at $1.75 million.”
AMP says the underlying NPAT loss in Advice “…improved by $21 million to $47 million, with continued progress in establishing Advice as a sustainable, standalone business.”
It notes that an “…ongoing focus on controllable costs resulted in a reduction of 15.2% to $117 million. Variable costs improved by $16 million to $2 million, partly driven by the reshaping of the equity portfolio.”
AMP added that it reached an agreement to settle the Buyer of Last Resort class action in November 2023 (see: AMP Settles BOLR Class Action).
