What queries do AMP advisers need help navigating?
AMP Advice’s technical service line has revealed the most common issues its financial advisers are requiring additional support with.
TapIn, the licensee’s technical service for its advice network, received more than 6,800 calls and email queries from its advisers during the half year ending 30 June 2024.
Nearly one in five questions from advisers related to superannuation contributions, including personal deductible contributions and the unused catch-up concessional contributions provisions, as well as home ownership issues.
More than one in 10 queries related to the transfer balance cap, means testing, and total and permanent disability (TPD) benefit tax issues.
Additionally, one in 10 questions revolved around dealing with a death benefit, treatment of assets and income, or condition of release or withdrawals. This aligns with previous AMP research that discovered the majority of Australians aged 50 and over found Australia’s retirement system too complex.
Other common topics that AMP’s advisers were requiring support on included innovative retirement income streams, navigating limited recourse borrowing arrangements, and aged care.
The research corroborates with recent findings from BT, as its own technical hotline found that advisers were encountering problems when it came to navigating the technicalities of super and how to best plan for the intergenerational wealth transfer.
John Perri, AMP head of technical strategy and TapIn, noted the significant adviser focus on super contributions over the six-month period as more Australians look to take advantage of unused catch-up concessional contributions.
He explained: “With the reduction to personal income tax rates and thresholds from 1 July this month, many Australians have benefitted from bringing forward deductions such as by making personal deductible contributions by the end of the financial year for greater tax effectiveness.
“As Australia’s retirement system begins to reach maturity, instilling greater confidence in the ability of everyday Australians to navigate the important transition from accumulation to pension phase remains paramount.”
AMP Advice’s technical service provides support to aligned practices as they navigate a complex and evolving regulatory environment, Perri added.
“From explaining transfer balance caps to home ownership issues, our advisers play a critical role in breaking down complexity for their clients, helping underline the meaningful difference that advice can make in everyday lives.”
AMP recently appointed Estelle Liu, a former Aware Super executive, to its newly created head of retirement solutions position in its platforms business. She will lead the development of financial solutions to enable more Australians to manage their retirement with confidence.
AUTHOR
Jasmine Siljic
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