North gets revamp ahead of ‘market-first’ retirement solution

North has undergone a revamp as it prepares to launch a “market-first” retirement solution for financial advisers and clients.

Alongside the launch of a new logo — which North said reflects “the significant and ongoing investment” in the platform as it continues to support advisers — the new solution has been designed to maximise income for life and provide clients confidence with their retirement income.

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“North’s new brand symbolises its strengthening value proposition and, importantly, that we’re ‘open for business’ with all advisers and licensees, including IFAs,” AMP director of platforms, Edwina Maloney said.

“We listen to financial advisers, understanding the importance of creating an intuitive platform that supports both the client experience and practice efficiency throughout the advice implementation process.

“We also know that value for money, functionality and access to high-quality investments and insights, including managed portfolios, are valued most by advisers and clients, and is where we’re continuing to invest.”

Since 30 June 2021, North has added 191 investments, 46 managed portfolios and 72 partnered managed portfolios.

The new retirement solution, designed by AMP’s general manager of retirement solutions, Ben Hillier, is set to launch later this year.

“With an ongoing investment program, innovative and market-leading offers coming to market, and a growing presence in the IFA market, it’s an exciting time for the North platform,” Ms Maloney said.

In June, AMP reported that assets under management (AUM) for North’s managed portfolio range ticked over $5 billion — a 140 per cent increase over the last year.

It came after a report from State Street Global Advisors (SSGA) and Investment Trends released in March which found that a record number of financial advisers are using managed accounts.

The research showed that over half (53 per cent) of advisers are using managed accounts; a significant increase from 16 per cent a decade ago.

Around 60 per cent of advisers are now also recommending managed accounts to their clients, up from 44 per cent last year and 33 per cent pre-COVID (2019).