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

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

3 days 2 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 week ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 5 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

3 weeks ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

6 days 6 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

5 days 9 hours ago