AMP cuts MyNorth fees

fees/fee-cuts/fee-reduction/amp/financial-planning/people-and-products/MyNorth/platforms/alex-wade/

19 March 2019
| By Hannah Wootton |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS