AMP launches digital advice solution
AMP Limited may have substantially exited running financial advice licenses but it is keeping a foot in the sector with the launch of a new digital advice solution aimed at AMP superannuation fund members.
Reflecting expectations around the delivery of the second tranche of the Delivering Better Financial Outcomes (DBFO) legislation, AMP announced that the new solution would provide members with “simple, intuitive and secure retirement advice, with no extra fees”.
It said the solution, Retirement Health Check, would be accessible by members through My AMP online and through the My AMP app which will be launched in coming weeks.
What is more, AMP has signalled that there will be more digital offerings to come.
“Developed in partnership with leading software provider, Bravura Solutions, the Retirement Health Check is the first of a range of digital advice journeys AMP Super is set to launch for members in the coming months,” the announcement said.
“These solutions will cover pre-retirement and post-retirement strategies, including investment choice, super contributions, insurance and pension management.”
Commenting on the new solution, AMP Group Executive, Superannuation and Investments, Melinda Howes said the company had drawn on AMP’s deep understanding of financial advice to create the offering.
“The Retirement Health Check – the first of our new advice journeys to come to market – recognises that Australians need help navigating a retirement system they often find daunting and overly complex.
“The solution aims to cut through this complexity and provide simple guidance and advice to help our members maximise the retirement income they generate from the super savings they’ve worked hard to build,” Howes said.
Bravura Solutions chief executive, Paul Dunn said the solution used Bravura’s Midwinter technology.
Again? How many times does AMP have to try and fail to provide “digital advice” so that they can try to rip off advisers.
I really don’t understand how this is even legal ?
Anyone ?
So, is a 67 page SoA produced out of it ?
we aren’t going to have jobs soon
AMP really hates advisers don’t they. All advisers should take this into consideration when their BDMs come out to talk about using their platform, which I’m sure they will roll out the digital solution to as well.
Yes AMP really do hate advisers and their actions for the last decade prove so.
If you weren’t tied to AMP, would any Advisers use AMP platforms?
Even for those advisers that were previously tied to AMP, surely you would look over time to move away from their platform and the poisons of that company.
AMP are not in the advisor business any longer after sale of their Licensees, they are in the platform business, North and a hand full of salary planners attached to it. This is to sandbag their platform.
Nah, they’re actually fine to be honest. I use North for my clients. It’s a great platform.
I’d suggest this offering is in-line with others on the market. I don’t see what all the fuss and hoo haa is with this one.
So this will be simple advice then, à la Mr Jones.
Maybe he should join the Commandos in a second career. He is pretty good at throwing a grenade into a room and closing the door.
After all his terms of engagement were all about looking after his mates in the industry funds and stuff everybody else
But here’s a thought for those who think it changing government will help solve the industry’s ills. Do you honestly think that Dutton and his ilk will take on the big in the town a la AMP and all the other insurers who are going to be giving “simple advice” to the clients we put with them in good faith.
Very good point Old Risky. The issue has long been the big players, whether they be insurers, banks, funds, etc have always used advice as the scapegoat for their wrongdoing.
Their deep pockets and influence have allowed them to get away with it and given they all have a vested interest in getting their little carve outs and exemptions through parliament, I won’t hold my breath that a change in Government is going to help.
I fear the best we can hope for is at least an even playing field instead of Mr Jones’ proposed “super funds don’t need to do SoAs but advisers do” rubbish.