AMP offers North platform discounts
Fresh off the back of its North platform being a major driver for cashflows, AMP has now announced cost reductions for customers using the platform.
The company announced today that it was reducing the cost of the North Guarantee, making it cheaper for customers seeking to access the capital guaranteed elements of the platform offer.
Commenting on the move, AMP's Director, Superannuation and Investment Platforms, Patricia Montague said increases in long term interest rates meant AMP was able to offer new customers the guarantee more cheaply in circumstances where economic and market factors such as long term interest rates and market volatility were used to determine the price of the guarantee.
"Life expectancy is on the rise and there is a real risk that a market downturn could wipe out the savings of retirees or those close to retirement, who will also have a longer retirement to fund. The effect of sequencing risk can be damaging," she said.
AMP has outlined the extent of its cost reductions in tables covering the various investment options with the discounts ranging as high as 0.75 per cent.
Recommended for you
ASIC has released the results of the latest financial adviser exam, held in November 2025.
Winners have been announced for this year's ifa Excellence Awards, hosted by Money Management's sister brand ifa.
Adviser exits have reported their biggest loss since June this week, according to Padua Wealth Data, kicking off what is set to be a difficult December for the industry.
Financial advisers often find themselves taking on the dual role of adviser and business owner but a managing director has suggested this leads only to subpar outcomes.
