AMP plugs planning knowledge gap
AMP has released a free financial literacy program intended to increase consumer take-up of financial planning by reducing a perceived “knowledge gap” between consumers and advisers.
The interactive CD-ROM, ‘Thinking Ahead’, provides consumers with the equivalent of more than 400 pages of practical information from AMP and leading financial and Government authorities.
The program includes links to 100 individual web pages on 36 external websites, nine online calculators and more than 150 hints and tips.
The decision to launch program, and its content and design features, was based on feedback from more than 1,700 Australian consumers that participated in an AMP market research program over 18 months.
The research revealed a “knowledge gap between consumers and financial planners that can lead to consumer mistrust as well as tremendous consumer inertia”, according to AMP Financial Planning managing director Greg Kirk.
“Thinking Ahead tackles the jargon used in financial services, de-mystifies financial planning and explains the basic strategies involved in managing money,” he said.
“The program does at a broad, non-specific level what a good financial planner does at a detailed, highly personalised level for their clients.
“We want consumers to understand how financial planning can benefit them so that they will seek out, expect and demand good advice.”
Kirk said the launch of the program comes as part of a “quiet revolution taking place within AMP in pursuit of the ability to provide consistent, high-quality advice to all Australians”.
It’s launch will run concurrent with an “extensive reform program to ensure AMP financial planners continue to build their business skills and expertise to consistently deliver good financial advice in their clients’ best interests”, he said.
“There must be planners that operate in well-run and sustainable businesses, who are qualified and competent and always have the consumers’ best interests at heart.”
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