AMP has outlined plans to further broaden its wealth management business through increased contributions from advice and SMSFs.
The bank says its growth strategy will direct investment towards higher growth, less capital-intensive businesses, and release and recycle capital from lower-growth business lines to fund growth and returns.
AMP aims to expand its wealth management arm “by broadening its revenue streams via increasing contributions from advice and SMSF, while continuing to invest in product and platform development”, it said in a statement.
AMP chief executive Craig Meller said AMP will continue to drive greater revenue from advice and SMSF services.
Mr Meller said the bank was “uniquely positioned to benefit from favourable domestic and global thematics including the mandated growth of the Australian superannuation system, a growing banking market and the structural increase in demand for investment yield as the world’s population ages”.
“We will help more Australians get more advice, more often through our transformed goals-based operating system,” he said.
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