The group said the reductions will provide significant savings for existing and new superannuation, pension and investment clients, taking effect on 1 May 2019.
“We’re pleased to be reducing fees for existing and new clients of MyNorth – AMP’s flagship wrap investment platform,” AMP’s CEO, Australian wealth management, Alex Wade said.
“In the last 12 months we’ve continued to improve MyNorth, including adding a range of managed portfolios, the Advantage Fund Series, and enhancing the platform’s adviser reporting and modelling functionality.
“Following these fee reductions, MyNorth will be one of the best value wrap platforms in market and will compete very strongly on price across a range of account balances.”
The reductions include lower administration fees across the platform’s two investment menus, Select and Choice, of up to 0.10 per cent and 0.20 per cent p.a. respectively.
Overall lower administration fee caps have also been introduced for individual clients and families (by up to $700 per family group). AMP has also announced lower MyNorth index investment management fees of 0.10 per cent p.a.
MyNorth Index funds are iPac branded State Street custodian index funds. They were charging 0.65%.
SPDR’s ASX 200 – 0.19% World Ex Australia 0.3% Bond fund is 0.24%
So you are paying between 300 – 100% for the priviledge of a MyNorth a/c