The new modelling engine is part of the company’s Goals 360 service and uses stochastic modelling to factor in “economic and market conditions” to provide clients with projections on how achievable their goals are.
The engine is able to generate tailored cash-flow, debt and wealth protection advice in real-time, which AMP group executive for wealth solutions and customer Paul Sainsbury described as a “landmark moment” for financial advice.
“The engine is the culmination of a multi-year investment program to build AMP’s advice capability of the future,” he said.
“Underpinned by the latest in financial modelling capability, the engine demonstrates to customers in a visual and engaging way how the choices they make today impact the ability to achieve their goals over time.”
Mr Sainsbury said the technology will make the advice process more efficient and allow advisers to spend more time facing clients.
AMP announced in September it would roll-out Salesforce CRM technology across its firm, commenting at the time that the implementation would enhance the goals-based modelling engine (which it was still developing at the time).
The implementation of Salesforce followed on from a knowledge sharing arrangement the firm entered into with US wealth management firm United Capital as part of AMP’s strategic push in to goals-based advice.
David, much as your spreadsheet was great at the time, it’s nothing like the goals based advice experience and goals modelling engine AMP has built.
‘ an advice modelling engine to help clients understand the impact their decisions will have on their ability to reach their goals’ – gosh – sounds awfully like the modelling software I created and promoted in the 90’s early 2000’s. Surely that’s the baseline these days. It is in the software I currently support!