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.
Plugging the holes on the titanic here. Realistically, if north wants to compete on fees they may as well pack up the office and put the gone fishing sign up, as they are so far away from the most competitive products out there they aren’t even in the same galaxy.
The first step towards digital advice – making it possible to calculate fees without spending over an hour waiting for the call centre to answer. AMP leading financial planning into the 1980’s.
[quote=Anonymous.0][quote=Anonymous]In 20 years I’ve never recommended an AMP product. [/quote]
That’s interesting. What if a client walks into your office who works for an company where AMP SignatureSuper is the default fund, good value, but on top of that their employers is paying the insurance premiums inside the fund as well. Would you recommend them staying in that fund or recommend another fund?
I think there might be a reason you need to an ethics course.
No doubt AMP has caused the industry some issues, but they aren’t the only ones, plenty of other companies such as CBA and NAB have helped, add in some ”independent’ firms like Storm Financial, Henderson Maxwell and Dover haven’t helped either.
[/quote][quote=Anonymous.0][quote=Anonymous]In 20 years I’ve never recommended an AMP product. [/quote]
That’s interesting. What if a client walks into your office who works for an company where AMP SignatureSuper is the default fund, good value, but on top of that their employers is paying the insurance premiums inside the fund as well. Would you recommend them staying in that fund or recommend another fund?
I think there might be a reason you need to an ethics course.
No doubt AMP has caused the industry some issues, but they aren’t the only ones, plenty of other companies such as CBA and NAB have helped, add in some ”independent’ firms like Storm Financial, Henderson Maxwell and Dover haven’t helped either.
[/quote]
Good value?.. an AMP sig account can set you back well over $2k for a $200k account? I could literally halve that anywhere. In regards to the insurances a dual strategy would be completely appropriate here if you can’t replace them if you can I would save the cost for the replacement insurances elsewhere not to mention it would be a better policy in general…
Not really sure what your justification would be to keep them there after 2020 as an adviser and you would HAVE to recommend them elsewhere upon any research you do. That is if you perform a proper research analysis.
Now to touch on Dover, lol… WHAT did Dover do to any client exactly?
[quote=Anonymous]In 20 years I’ve never recommended an AMP product. [/quote]
That’s interesting. What if a client walks into your office who works for an company where AMP SignatureSuper is the default fund, good value, but on top of that their employers is paying the insurance premiums inside the fund as well. Would you recommend them staying in that fund or recommend another fund?
I think there might be a reason you need to an ethics course.
No doubt AMP has caused the industry some issues, but they aren’t the only ones, plenty of other companies such as CBA and NAB have helped, add in some ”independent’ firms like Storm Financial, Henderson Maxwell and Dover haven’t helped either.
In 20 years I’ve never recommended an AMP product. I think the behaviour in the Royal Commission and the corresponding requirement for me to spend $2,500 and do an Ethics Course because of firms like AMP….and the distress they’ve caused to my brother and sister advisers within AMP, justifies my call to….. give it a miss. Taking the words from that Dude out of the Braveheart Movie ….”How about AMP walks into every financial planning firm in Australia, kisses my arse and then apologies for the damage they’ve done to the industry and my reputation as a financial planner”… and then I’d consider using an AMP product again.
They still have the $900 administration fee for the privilege of having a MyNorth wrap a/c?