The online Goal Explorer tool is part of a new campaign launched on Sunday, an AMP spokesperson said.
ifa understands the tool is not intended to actually provide online advice, while the next stage in the process will comprise the roll-out of an “enhanced goals approach” through the AMP advice business.
Goal Explorer takes customers through a series of questions that require them to pick from a list of goals, such as “retire right”, “simplify my finances”, “protect my income”, and “buy a home”.
The tool then asks the user to prioritise these goals before it generates a “goals timeline”.
Depending on how the customer responds, Goal Explorer then makes suggestions for “things to think about” when pursuing these goals.
It also provides information on how AMP can help.
“AMP is increasing its focus on goals to find better ways to connect our customers to what’s important in their lives, from saving for their first home to enjoying their retirement,” the spokesperson told ifa.
Scott, we can answer those questions and we have the prescription for how to implement goals based advice. Download our first eBook from the website and you’ll see what I mean. For the rest of the secret sauce (free eBooks on implementing the goals-based advice process and solving the mission critical issues) you’ll have to actually try our software!
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Half the market is going “robo” and the other half is going “goals-based” and guess what?…none of them are any closer to actually solving the problem that their clients actually want solved (and will pay for).
The key client problems are threefold : “am I on track to achieve my goals?” and thereafter…”if I am not on track, what specific actions must I take to get back on track?” and “am i exposed to any investment risk that could permanently compromise my ability to achieve my goals?”.
AMP’s tool helps clients nominate a goal but they still have no mechanism whatsoever for their planners to reliably answer those three critical questions with confidence. In other words, the goal matters not as much as the ability to know if you’re tracking to the goal and if not…what you need to do to get back on track.
Everyone continues to talk about goals-based investing as the future but still no-one has a prescription for how to actually implement it in a way that solves mission critical issues for clients.