AMP cuts MyNorth fees
AMP has announced a series of fee cuts to MyNorth for new and existing superannuation, pension and investment clients.
The changes would see Lower Select and Lower Choice menu administration fees cut by up to 0.1 and 0.2 per cent per annum (p.a) respectively and Lower MyNorth Index investment management costs by 0.1 per cent p.a.
There would be lower administration fee caps for clients and families by $700 p.a, capping them at $2,800 and $3,800 per year each. The limit on the number of family members able to team up under the family admin fee cap would also go from four to six.
“Following these fee reductions, MyNorth will be one of the best value wrap platforms in market and will compete very strongly on price across a range of account balances,” AMP’s chief executive, Australian Wealth Management, Alex Wade, said.
“The changes reflect AMP’s heightened commitment to improving client outcomes, and follow our recent MySuper fee reductions, which have benefitted more than 600,000 AMP clients.”
The changes would take effect 1 May, 2019.
AUTHOR
Hannah Wootton
Recommended for you
JANA Investment Advisers has made several internal promotions and new appointments across its research team to bolster its position in the market.
SQM Research’s former head of research, Rob da Silva, has joined an investment consulting and analytics firm to drive the expansion of its research coverage.
AFCA has confirmed its chief operating officer, Justin Untersteiner, will be departing the organisation in March to take up a CEO role.
Minister for Financial Services, Stephen Jones, has announced he will be retiring at the upcoming federal election.
