AMP launches scaled advice model
AMP has officially launched its scaled advice service, My Money Choices, which has been developed based on research and in consultation with AMP planners.
AMP director of advice Scott Machin said AMP took into account ASIC’s report released last year, which highlighted that scale and cost were barriers to accessing financial advice in Australia.
Research commissioned by AMP also showed similar results, indicating that almost half of Australians tend to avoid making financial decisions, and that providing simple advice encouraged the group to take action.
Machin said the new scaled advice model, which was launched after a 12-month pilot, would improve access to financial advice for those seeking advice on only one specific issue, including insurance, superannuation, budgeting, and property.
“Scaled advice has the potential to bring more advice to more Australians. In circumstances where it is appropriate and suitable for the client’s needs, it is a model that could be embraced by both experienced and new planners,” Machin said.
My Money Choices will be offered by 500 AMP advisers at AMP Financial Planning and Hillross.
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