AMP launches digital advice solution
AMP has launched a digital advice service to provide members of its AMP Super Fund with retirement advice.
The digital Retirement Health Check, accessed through the My AMP portal, will provide members with an online advice journey to find out when they can access super, how much is enough to retire, and an estimate of their income in retirement.
As well as the digital service, AMP said qualified advisers will be on hand with no extra fees for members to discuss their results. A pathway to comprehensive advice will be available if members’ needs require it.
Super fund members will be able to personalise their desired retirement income goal and compare it with benchmarks such as the age pension and model different scenarios.
AMP said further solutions will follow in the coming months covering pre-retirement and post-retirement strategies.
AMP Super has around 600,000 members and $57 billion in assets under management.
The move had been flagged at the end of 2023 when it said it had been speaking with digital firms Midwinter, GBST, Otivo and Advice Intelligence about the possibility of a launch slated for 2024. At the time, group executive of advice, Matt Lawler, said a digital offering could nurture younger members who weren’t ready for a full advice relationship.
Melinda Howes, AMP group executive superannuation and investments, said: “We’ve drawn on AMP’s deep understanding of financial advice to create an intuitive, personalised digital experience for our super members.
“The Retirement Health Check – the first of our new advice journeys to come to market – recognises that Australians need help navigating a retirement system they often find daunting and overly complex.
“The solution aims to cut through this complexity and provide simple guidance and advice to help our members maximise the retirement income they generate from the super savings they’ve worked hard to build.”
Paul Dunn, chief executive for APAC at Bravura Solutions, said: “AMP’s Retirement Health Check is an outstanding example of how leading super funds are stepping up to better support their members achieve their retirement outcomes using digital advice solutions. Using Bravura’s Midwinter technology, this collaboration means AMP members have an easy-to-use digital advice solution to empower them on their superannuation journey.”
Bravura has experience working with superannuation funds, having previously worked with the $176 billion Aware Super to migrate over 1 million of its members onto Bravura’s Sonata Alta platform.
AUTHOR
Laura Dew
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