Return to the mutual model: ExpertBY ELIZABETH MCARTHUR | THURSDAY, 3 OCT 2019 12:00PMA financial advice industry veteran has called for a return to the mutual model, saying the sector has lost focus and a sense of purpose. Related News |
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Hugh Killen
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AUSTRALIAN AGRICULTURAL COMPANY LIMITED
For Hugh Killen, several life lessons came from spending time on pastoral properties stretching across northern New South Wales and South-West Queensland.
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I'm also an industry veteran....
There was nothing good about the old mutual model. All of the large mutual's (read AMP, National Mutual, CML, Citi Mutual) were self-serving organisations dead from the neck up. In theory they were accountable to policy holders but since it was impossible for policy holders to exercise that control those organisations were controlled by the management (for the benefit of the management and the tied agency force). The customer came a distant last.
AMP's clear 'fail' as a public company is the outworking of the its inability to adapt to a 'client first' business model.