AMP has announced the launch of a new digital advice solution, which it has named Retirement Health Check, to provide AMP Super members with “simple, intuitive and secure retirement advice”.
The service, which AMP said would be provided with no additional fees, is designed to help members understand when they can access super, how much is enough to retire and an estimate of their income in retirement.
Melinda Howes, AMP group executive superannuation and investments, said the tool would not be the only “digital advice journey” on the horizon.
“We’ve drawn on AMP’s deep understanding of financial advice to create an intuitive, personalised digital experience for our super members,” Howes said.
“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.”
In what AMP referred to as a “market first”, members can set their desired retirement income goal and compare it against a range of benchmarks, like the age pension and the Association of Superannuation Funds of Australia’s Retirement Standards.
In addition to the digital advice tool providing them with a retirement income score, a report and scenario modelling to improve their score, AMP said members can also discuss their results with qualified advisers at no extra cost to help them “take the next best step with their super and retirement planning”.
“If advice requirements are more complex, a pathway to more comprehensive advice is also available,” AMP added.
Howes said: “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.
“We want to give our members greater control and financial confidence in retirement and help them unlock a better quality of life.”
Members can access the solution through My AMP online, with the tool being added to the My AMP app in the “coming weeks”.
The software was developed with Bravura Solutions, with additional solutions from AMP to be released over the next few months covering pre-retirement and post-retirement strategies, including investment choice, super contributions, insurance and pension management.
“AMP’s Retirement Health Check is an outstanding example of how leading super funds are stepping up to better support their members achieve their retirement outcomes using digital advice solutions,” said Paul Dunn, CEO APAC, Bravura Solutions.
“Using Bravura’s Midwinter technology, this collaboration means AMP members have an easy-to-use digital advice solution to empower them on their superannuation journey.”
In October, Colonial First State launched an $88 digital advice tool for CFS FirstChoice members who do not currently have a financial adviser.
The tool, which CFS said was designed by Otivo specifically for CFS members and tailored to CFS products, will give members access to personalised digital advice in relation to their CFS FirstChoice investment options, contribution strategy and insurance arrangements.
The cost of $88 per annum will be deducted from members’ super account, giving them 12 months of unlimited access, after which they will need to renew if they want to continue using the service.
According to CFS superannuation CEO Kelly Power, the move is a response to a “clear demand for more guidance and advice and for interactive tools to allow members to better understand their circumstances and take action as they seek to remain on track with their goals”.
“Our partnership with Otivo will give members the option to access personalised digital advice on three topics they often seek the most help with: investment options, contributions and insurance levels,” she said.
Not sure a retirement calculator quite qualifies as ‘digital advice’