AMP leverages BlackRock, Lonsec for key MA play

AMP Limited has implemented another initiative aimed at getting its financial planning business back to break-even – a managed accounts entry point which it says bridges the gap between off-the-shelf and fully-tailored private label solutions.

Announcing the initiative, AMP said that both AMP Advice network practices and other eligible practices would be accessible directly through the AMP North platform while also being made available to self-licensed practices through Jigsaw Advice Solutions.

AMP said it had engaged BlackRock Australia and research and ratings house Lonsec to deliver the new service with BlackRock saying that Australia is the first market outside of the US to benefit from the firm’s global model portfolio customisation technology.

AMP Group Executive, Advice, Matt Lawler said the company recognised the value managed portfolios were providing advisers and their clients.

However, he said that many smaller advice practices did not have the required scale to benefit from managed portfolios and that is why AMP had partnered with BlackRock and Lonsec to come up with “an industry-leading solution that addresses many of the traditional barriers to adoption – including personalisation, incumbency and scale”.

AMP Group Executive, Platforms, Edwina Maloney said North was the first platform in Australia to offer the new portfolios, allowing more advice practices to grow their businesses and improve end client outcomes.

Both Lawler and Maloney will be speaking at Financial Newswire’s Advice Wealth and Super Conference in the Hunter Valley next week.