AMP reduces fee structure for investment platform
AMP has announced the introduction of lower fee caps and simplified its fee structure for its investment wrap platform, MyNorth, which will take effect from 12 August.
The company said that under the new structure, an individual customer’s combined portfolio value would be used to determine their administration fee, with the total fee capped at $3,500 per annum.
Additionally, up to four family members, including spouses, de facto partners, parents, children, siblings, grandparents and grandchildren, could be grouped to determine their total portfolio value and administration fee, capped at $4,500 per annum.
AMP’s director, superannuation, retirement and investments, Vicki Doyle, said: “We want to work with advisers to help customers and families achieve their goals and these reduced fees and increased flexibility are designed with this in mind”.
MyNorth is part of AMP’s North platform, which recently passed $30 billion in assets under management.
AUTHOR
Oksana Patron
Recommended for you
Bell Financial Group has appointed a chief investment officer who joins the firm from Clime Investment Management.
Private markets funds with “unattractive practices” could find themselves facing enforcement activity with ASIC chair Joe Longo stating he cannot rule it out in the future.
Despite ASIC concerns about private credit funds being accessed via the advised channel, there are questions regarding how high its usage actually is among financial advisers.
Challenger has looked to the superannuation industry for its appointment of a group chief investment officer, a newly-created role.
