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
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
