Back then and before the focus possibly was different as AMP was owned by its members/policy holders. The focus was solely on building customer wealth, reducing financial risks and also protecting customer’s futures. Customers, I being one, didn’t mind paying ongoing fees to AMP agents as their sole role was to have one’s (the customer’s) interest in hand. The benefit of the advice and service provided at that time outweighed any fees paid.
Moving forward a decade, AMP demutualised and owned by the wider public/investors, as it was listed on the ASX. This changed its focus from being solely customer orientated to one which also involved providing a satisfactory its return to shareholders. This change in focus has the potential to change what it role was in the past and what it had delivered for its customers. The Royal Commission found how its practices and focused had changed, and not for the better or solely the customer.
I wonder if AMP wasn’t demutualised, if it would be in the position it is currently in.