AMP credits digital offering for ’13-fold’ increase in engagement

AMP has unveiled updates to its digital advice offering, including making it available across its new Lifetime feature, at the same time as it records a “13-fold increase” in the number of members seeking advice on their retirement planning.

According to the firm, over 12,000 members have engaged with its digital advice solution since its launch on 30 January, over 14,000 Retirement Health Check “journeys” have been initiated and over 6,700 members have completed their journey – which includes a retirement income projection, Age Pension insights, and the ability to set income goals.

This comes as AMP implements several enhancements to the service, including 24/7 access to personalised advice on investments and superannuation contributions via the online My AMP portal and the ability to integrate with the newly-introduced AMP Super Lifetime feature.

This enables members to leverage educational tools such as ‘Ways to Improve’, personalised projections about their retirement future and tailored information on how to best optimise their contributions via a ‘Retirement Income Score’ and Statements of Advice (SOAs).

“At AMP, we’re passionate about giving our members greater control and financial confidence to help them retire with higher income,” Melinda Howes, AMP Group Executive Superannuation & Investments, said.

“Last year, we had over 500 members complete a Retirement Health Check with us across the 12 months. That’s now grown more than tenfold since the launch of our market-first digital advice solution in January.

“We’ve also seen more than 14,000 Retirement Health Check journeys initiated within just five months of launching which has been really exciting, and over 450 intra-fund adviser appointments completed since the start of the year.

“Thanks to AMP’s market-first digital advice solution, our members are getting simple and high quality retirement advice for no extra fees. We’re taking a market leading position in digital advice and member services, empowering more Australians to achieve the lifestyle they want in retirement.

“Later this year, we’re planning to enhance our digital advice solution to include personal advice about insurance, transition-to-retirement and innovative retirement strategies. Our members can access high quality advice for no extra fees, and a human adviser is just a click of
button away if they need some extra guidance.”