AMP finalises Asgard e-wrap deal

AMPAustralian Financial Services andAsgardyesterday concluded a deal agreed in May to utilise the latter’s e-wrap platform across all AMP dealer groups.

AMP will now commence developing wrap products for each of itsAMP Financial Planning,Hillross Financial ServicesandArrive Wealth Managementdealer groups.

“The new wrap products will provide the best possible blend of functionality and services to AMP, Hillross and Arrive planners and their high value clients [and] complement AMP’s existing master trust platforms, including PortfolioCare and the recently-enhanced Flexible Lifetime range of super, retirement and managed fund products,” says AMP director of advice-based distribution, Steve Helmich.

AMP spokesperson Mike Smith said back in May that competition from the likes ofBTWrap and Asgard’s own products had put pressure on AMP to boost its wrap offering.

Helmich anticipates the first dollars will flow into the new wrap products within the next few months now that the deal, which runs for five years, has been finalised.

The combination of AMP’s distribution strength and Asgard’s administrative excellence will ensure the partnership is successful and beneficial to both parties, Helmich adds.

AMP chose Asgard back in May after an extensive review of other platforms available within the market.

Helmich said at the time AMP opted for Asgard because of its flexibility, functionality, the control AMP could exercise on product development, and its dealer group operational and reporting support.