Both insurance offers are available for advisers and super and pension clients of MyNorth, North, Summit, ipac iAccess and Generations, AMP said in a statement
“Adding these high-quality insurers to our platform increases choice for advisers and clients, further strengthening AMP’s wrap platform offer,” said AMP managing director of superannuation, retirement and platforms Lara Bourguignon.
“With more external financial advisers and their clients adopting MyNorth, we’ll continue investment and enhancements in 2020, including further building MyNorth’s managed portfolio capability.”
With the honesty they give to their Regulators, their Advisors, and their clients, can an ethical Advisor ever champion AMP as a brand that can be relied upon, a brand worthy of tying your Wealth to?
AMPFP (and AMP Group) now seem desperate to survive. They have been product sellers for a long time now and now they are trying to dress up their business like a proper financial advisory outfit, by mildly enhancing the product offering. The reality is that the management team and product offerings at AMPFP haven’t kept pace with the open market. AMP products have been overtaken by higher-quality platform offerings. Insurance is their other major main stable but they cannot make money out of insurance anymore and have sold this. They still have AMP Bank and AMP Capital but these will be lucky to survive long term given their limited appeal (why pay AMP 1% for an index fund when you can get one for .22%?).
My calculations for EOY 2019 are that they have net outflows of around $4B and continued collapse of revenues resulting in limited profitability and dividends.
Common sense would say to break it up into its 4 constituent parts and hive it all off but they’re hanging on for grim death.
Looks to me like this will end up a tin pot wealth management business with a couple of products and massive management team trying to sell sub-par products in a market that has moved ahead of them.