AMP said the “retirement health check” service would be provided at no additional cost for members of the fund.
The health check involved a 45-minute phone conversation with one of AMP’s salaried advisers to discuss how members are tracking towards their retirement goals, what their ideal super balance should be and how long their money is projected to last.
The wealth giant said the service could also cover member pension entitlements and advisers could “support [members] with any changes and paperwork”.
The new service represented an expansion of AMP’s existing intra-fund advice offering, off the back of research conducted by the wealth giant showing that more than 40 per cent of consumers thought they would not have enough money to retire on.
Further, AMP said the research had revealed 39 per cent of consumers were worried they would have to work longer than expected to fund their retirement, and 30 per cent were concerned about a market downturn affecting their super savings.
“Retirement is a critical period in our lives and the retirement income system is complex so it’s crucial people get access to information, guidance and good advice,” AMP general manager workplace super engagement Stephen Owen said.
“The new offer will help our members take more control of their retirement, in particular, the critical and sometimes complex transition from our working lives into retirement.”
The news comes following AMP’s announcement last month that it would transform its salaried advice business into “a multi-channel proposition” with more reliance on phone-based and intra-fund advice.
I wonder how long you need to spend on hold to have your 45 minute phone call. I’d book out the morning and then like all intra fund advice the advice will be to stay with your current provider. This should be banned but ASIC doesn’t have the balls to do anything about it or unlicensed advice.
ASIC has 70 imvestigations into AMP going. One more or less, who cares? Whilst ASIC does nothing, AMP will do what they want.
What a great way for AMP to hang onto such old legacy Super funds. No Commission, no linked adviser, no offer to be provided with a full review and consider a more contemporay price and featured structure super fund. Lovely attempt to hang onto revenue.
One wonder why a product manufacturer likes Intra Fund Advise. Please Ben Marshan, explain again why you like Intra Fund Advise and their fees?
On another note, well done AMP – hard to see how ASIC can stop you now with this totally conflicted advise model without also stopping Industry Super – so you should be fine.
AMP management must have been thinking “if we can’t beat them (industry funds), then we may as well join them”.
Personally I hope they get pulled up by ASIC and this stops all parties/players providing intra fund advice.
This would be a win for consumers and advsiers.
The thin end of the wedge
The mold spreads.