AMP taps SuperRatings data for new comparison tool
AMP has rolled out a comparison tool to provide members with a real-time view of how their super stacks up across performance, fees, insurance and service features.
The tool powered by RateMySuper, a comparison service platform developed by research house SuperRatings, allows for a range of funds to be selected and provides instant side-by-side comparisons using SuperRatings sourced and regularly updated data.
AMP’s group executive for super and investments, Melinda Howes said better information was crucial to boosting confidence in a $4.3 trillion super system where only half of Australians feel prepared for retirement.
“Turning those savings into real confidence starts with clear information,” Howes said.
“This tool puts simple, side-by-side comparisons of investment performance, fees, insurance and service at people’s fingertips so they can make informed choices about their super.
“Importantly, it also challenges the myth that industry funds always have lower fees and better performance than retail funds like AMP.”
As per AMP, the RateMySuper tool incorporates investment returns, administration and investment fees, insurance cover, premiums and a range of service indicators, including member experience, digital support and fund governance metrics.
Furthermore, the new addition also claims to make it easier for members to assess and then execute their contribution and investment strategies all from one place, as well as access a super projection to see what changes they should make to help reach their retirement goals.
The launch marks AMP’ fourth expansion of its digital ecosystem in just two months following their addition of three new retirement journey and a retirement planner within its online advice platform in November.
The service firm says the new upgrade is part of a broader shift towards data-driven engagement with independent comparison platforms expected to play a larger role as funds compete on transparency, digital experience and measurable member value.
Yawn. This is pretty rudimentary stuff, and largely looks like regurgitated and reskinned stuff that anyone can get off the WWW themselves, without the AMP branding slop.
Will we be able to look up and compare AMP’s underperforming and performance test challenged funds too?
AMP had four funds that failed the APT under the Trustee Directed Product test… Which is an absolutely rubbish test by the way it operates. Three of the failed funds were Capital Guaranteed, so by design these cannot pass. The fourth fund was actually an index fund which achieved 10.17% return and has low fees.
This is what you get when you write a test that assumes that the client has a $50k balance on a wrap platform. Many institutions challenging the validity of such a test given it captures only 3% of the market.
So yeah, you can look it up – go for your life.