AMP streamlines ROA process on North platform

AMP has added a streamlined process to prepare records of advice (ROA) on its North platform.

The firm said this would save advisers’ time, improve data accuracy, and better show the impact of investment switch transactions. 

The new ROA template contained pre-formatted tables and charts detailing current and proposed investment holdings as well as a summary of fees, portfolio valuation, and asset allocations.
 
Advisers could now include their clients’ proposed target risk profile when performing an investment switch and review proposed asset allocation against the client’s risk profile to determine if it is in line with their investment strategy.

A further functionality collated switch transaction information from a touchpoint embedded in North that removed the need for external software or templates and allowed advisers to view proposed tax implications prior to executing the switch.

AMP said investment switches are one of the most common actions performed by advisers on the platform with one in four advisers generating an ROA when they perform a switch.

VIEW ALL

View all

Other additions to the platform included digital consent where advisers could include their own advice fee documents as part of the North digital consent process; requiring only a single client approval; and the ability to review historical advice fees, manage fee income, and audit all received advice fees.

Earlier this week, the government’s formal response to the Quality of Advice Review outlined changes to advice documentation. Statements of advice (SOA) to clients would be replaced with an advice record and a future consultation would determine the design of the replacement.

Similarly ongoing fee renewal and consent requirements would be streamlined into a single form and the requirement to provide a fee disclosure statement would be removed.

Minister for Financial Services, Stephen Jones, said the government’s recommendations would see three different fee documents consolidated into one simplified document and “lengthy and legalistic” SOAs would be replaced with a financial advice record that was fit for purpose for consumers.

Edwina Maloney, AMP director of platform, said: “We work closely with advisers to ensure North provides functionality which makes the most meaningful difference to how they operate their practices and deliver advice.
 
“It’s why we’ve prioritised an uplift to the ROA process because we know it makes a significant difference to practice efficiency and allows advisers to spend more time with clients.”

Finally, it had improved its MyNorth Lifetime Super Calculator to allow advisers to help clients optimise their retirement savings by providing recommendations on strategies to maximise age pension benefits and Centrelink Asset Test discounts and structure capital in the accumulation phase to help clients better prepare for retirement.

Maloney added: “Our enhanced MyNorth Lifetime Super Calculator also adds further capability to what is already a game-changing solution and will further help advisers achieve the best possible retirement outcomes for their clients.”