When asked how AMP could provide quality advice “at a price consumers will pay” while generating profits, Francesco De Ferrari admitted that the increasing complexity of regulation made this a difficult proposition, but that the company was working “very actively” on it. which he called “more episodic advice.”

“So not having a financial adviser throughout the life cycle of your investment, but only at specific points in your life where having good advice effectively is absolutely key to ensuring results in retirement. For example, when you decide to buy your first home when you get married,” Mr De Ferrari said.

“There’s full-scale advice, there’s episodic advice and then there’s the part that we’ve still got to do with government and regulators, which is the provision of telephone and digitally enabled advice, and that’s the area that will effectively allow us to make advice not just accessible for all Australians, but also an investment proposition for shareholders.’

Mr De Ferrari said "well-run" consultancy practices were very profitable businesses, but that the licensing business was "more challenging from a shareholder perspective". AMP also shared more details about its proposed split with AMP Capital, with Mr De Ferrari warning that the company had not yet committed to maintaining a 20% stake in the new entity on the private markets.

"Our current hypothesis from the board's point of view is that we will retain 20 percent to show support for the spin-off business, but there is a lot of water to go under the bridge until the final decision and the final proposal will be made to the shareholders for the spin-off," said Mr - n De Ferrari.

AMP narrowly avoided a second strike over its AGM remuneration report with 76.82% in favor and 23.18% against.

Correction: this article originally used the phrase "more exotic advice". Mr De Ferrari said "more episodic advice".