AMP Online hits NZ
AMP has just poured out a new independent subsidiary liquid.co.nz, which is the New Zealand version of AMP Direct.
The main difference between the Australian and the New Zealand sites is that AMP has partnered with more than 20 businesses, including other fund managers and insurers to create a broad-based financial services portal.
The site allows surfers to buy online savings and retirement products, loans, global investments, insurance, estate planning services and it provides basic financial information, news and research, goal planners, calculators and the like.
Liquid managing director Peter Larsen claims that the breadth and depth of the services it offered made it unique. However, there are other online offerings in New Zealand including Unity.
Liquid's launch follows on from AMP's recent roll-out of online global wrap service InvestorNet.
At AMP's recent results briefing, chief executive Paul Batchelor credited InvestorNet as a major factor in boosting the company's new business sales by 10 per cent.
Larsen says KPMG has audited the new website to check that it didn't favour any particular product or brand. Over 220 products are already available and more are in the pipeline.
Liquid's target market is net-savvy consumers who are confident enough to look after their own finances (an estimated 18 per cent of the population) and who are looking for "full online fulfillment".
Liquid claims that people buying through the site won't be disadvantaged on price, and may "on occasion" get more competitive prices than otherwise. It will make a living from commissions.
Recommended for you
AZ NGA’s CEO has unpacked how its recent $345 million debt facility from Barings will accelerate its advice network’s growth ambitions, and allow its largest firms to access a greater source of funding.
Research by Colonial First State has found women are reluctant to make retirement preparations, despite 62 per cent saying they feel that they are unable to achieve a comfortable retirement.
Managed accounts saw net inflows of $14.3 billion in the six months to 31 December, according to the latest IMAP FUM census.
The increased bids for Insignia from Bain and CC Capital value the company at $3.3 billion, while there is still a possibility for competing bids from rival players such as Brookfield.
