AMP enhances digital advice offerings

Alongside Lifetime retirement projections, these features will cost members no extra fees.

According to AMP, this enhancement will empower “members to make confident, well-informed decisions about their superannuation”. Members who have already received a “Retirement Income Score”, which shows retirement readiness, can now also see how they can improve that score if they choose to opt into “AMP Super Lifetime”.

Other new features include modules that offer personal advice to assist in selecting the right investment option and optimising their contributions. Members will also be able to receive a statement of advice and access phone-based adviser support to help them understand their options and take action.

AMP’s new service “Lifetime” will also be integrated into these offerings, accessible through the My AMP online portal or the AMP app. It will provide members “with flexible access to view their super balance, switch investment options, make extra contributions, opt into Lifetime and speak to a qualified adviser”.

According to AMP, the move is a response to the growing demand for retirement guidance and advice. The firm said it has had over 12,000 members engage with its digital advice services since its launch on 30 January this year, signalling the need for further expansion to its services.

Since then, AMP has highlighted over 14,000 “Retirement Health Check journeys”, with more than 6,700 now completed, which represents a 13-fold increase in the total members seeking these guidance services. A “Retirement Health Check journey” includes a retirement income projection, Age Pension insights, and the ability to set income goals.

“At AMP, we’re passionate about giving our members greater control and financial confidence to help them retire with higher income,” Melinda Howes, AMP group executive superannuation and investments, said.

“Later this year, we’re planning to enhance our digital advice solution to include personal advice about insurance, transition to retirement and innovative retirement strategies.

“Our members can access high-quality advice for no extra fees, and a human adviser is just a click of button away if they need some extra guidance.”