AMP has made changes to its MyNorth and North wrap platforms to allow advisers to model over 900 different retirement strategies.
The newly upgraded Retirement Modelling Tool can model combinations of annuities, account-based pensions and Centrelink income, and stress test retirement strategies by running 2,000 scenarios.
Available through its platforms, the real-time modelling allows advisers to test and develop retirement strategies for their clients, factoring in risk profiles, income and capital requirements.
AMP managing director wealth products and platforms Rod Finch said the technology made it easier for advisers to help their clients achieve their retirement goals.
“The modelling incorporates the risk profiles and circumstances of clients to produce simple visual timelines which summarise available retirement structures and income streams,” he said.
Mr Finch said continuing to strengthen MyNorth’s tech capabilities was an ongoing focus for the wealth giant.
“The modelling is a great demonstration of how technology can make the complex simple, and to help in the delivery of great financial advice,” he said.
The upgrade comes before the release of the wealth giant's 2019 interim results where many in the industry are predicting the axe to fall on adviser numbers at AMP.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]
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