Brand as business

WHY PEOPLE DON’T TRUST BIG BUSINESS

18 April, 2018

People don’t trust big business. Especially the banks and financial services companies.

WHY? “Because if its good for them, its not good for me”, is the general sentiment. “They are driven by self-interest, money, bonuses, and shareholder wealth ONLY.”

As a case in point, yesterday AMP’s Head of Advice was questioned at the royal commission, and admitted that AMP puts profits before clients and people – even if it means ripping clients off. The specific “problem” in this instance is that AMP clients of planners who had retired were put into a single pool where they were still being charged fees for up to 90 days for services they did not receive.

Yeah, AMP’s clients were fully ripped off by the company that promises: “Whatever your financial goals, AMP is here to help you explore, plan, track and most importantly realise them.”

A brand promise is a promise made and a promise kept. It seems AMP’s brand is nothing more than a tokenistic gesture designed to polish the proverbial turd.

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services has only just begun its digging. I suspect there a lot more yet to come.

 

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