AMP has announced the launch of a new calculator for its MyNorth wrap platform allowing advisers and clients to produce fee calculations.
Through a simple web-based calculator, advisers and clients can plug in how much they intend to invest in either their super and pension account, or investment account, and the calculator provides an instant annual total platform fee summary, AMP said in a statement.
AMP managing director for wealth products and platforms, Rod Finch, said the net fee calculator makes assessing MyNorth’s fees simple and transparent.
“The platform market has become increasingly competitive, with fee reductions seen across the industry,” Mr Finch said.
“This is great news for clients and advisers, who we’d encourage to regularly review their platform fees against what’s currently available in the market, including MyNorth, where fees were significantly reduced earlier this year.”
AMP expects to launch a new version of the fee calculator next month that will provide more detailed fee breakdowns.
Further, other administrative, design and efficiency enhancements for MyNorth are also scheduled for later in the year.
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