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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Brian Redican
CHIEF ECONOMIST
NEW SOUTH WALES TREASURY CORPORATION
NEW SOUTH WALES TREASURY CORPORATION
What makes an economist an economist? TCorp chief economist Brian Redican reflects on over three decades of navigating Australia's economic cycles. Riddhima Talwani writes.
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.