AMP consolidates super offerings
AMP Financial Services has launched what it is describing as an “all-in-one super and retirement product” providing a catalyst for the closure of four of the company’s super products.
The company announced to the Australian Securities Exchange today that it was launching AMPL Flexible Super at the same as streamlining its corporate super product range.
It said the change reduced the number of AMP superannuation and pension products on offer from six to two.
Commenting on the move, AMP Financial Services managing director Craig Meller said the changes were made in response to changing customer demand and in an effort to position the company for growth.
He said AMP Flexible Super would provide customers with one account for life. He added that it catered to AMP’s broad customer base by offering a single entry-level option that could then be added to at different stages of life.
Meller said AMP Flexible Super replaced the existing retail and employer versions of AMP Flexible Lifetime superannuation retirement products.
He said these products, together with corporate super products CustomSuper and SuperLeader, would be closed to new business from 1 July.
AUTHOR
Mike Taylor
Recommended for you
The strategic partnership with Oaktree Capital and AZ NGA is likely to pave the way for overseas players looking to enter the Australian financial advice market, according to experts.
ASIC has cancelled a Sydney AFSL for failing to pay a $64,000 AFCA determination related to inappropriate advice, which then had to be paid by the CSLR.
Increasing revenue per client is a strategic priority for over half of financial advice businesses, a new report has found, with documented processes being a key way to achieving this.
The education provider has encouraged all financial advisers to avoid a “last-minute scramble” in meeting education requirements prior to the 31 December 2025 deadline.
