AMP to launch financial advice modelling technology

Newly-launched AMP financial advice modelling technology engine to be delivered through AMP Advice is looking to provide clearer choices to customers who are struggling to achieve their financial goals.

Commenting on the launch of the engine, AMP group executive wealth solutions and chief customer officer, Paul Sainsbury, said: “The engine now forms an integral part of AMP’s Goals 360 – a contemporary advice experience for advisers.”

“It supports richer conversations and helps build stronger relationships with clients.”

The goals engine would be progressively rolled out to AMP Advice practices from this week.

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Funny because I heard that AMP were rolling out Xplan Prime to their non-AMP Advice practices!

Wasn't this done almost 20 years ago through the AMP Solutions channel (as it then was)?

Back in the 70's Whiskas cat food advertised the inclusion of 'Molkron' in their cat food. A proprietary dietary supplement (Trademark approved consequently lapsed), their accompanying advertising touted it as some sort of major breakthrough. And no doubt the very presence of Molkron swayed many a cat owner to buy Whiskas cat food, without even the slightest knowledge of what it was! It sure did sound good, though!

The "newly-launched AMP financial advice modelling technology engine" sounds just like Molkron! It sure makes a risk profile questionnaire with added compound interest calculator sound pretty impressive!

Surely the advice industry needs to mature beyond this fixation of using spurious projections with their host of accompanying disclaimers. The advice process is simply the delivery of correct and current financial knowledge tailored to specific client needs. I believe it is hampered by such antiquated attempts to deliver a form of 'physical' attribute to the prospective client. The greatest customer complaint has always been the loss of investment funds which is no doubt exacerbated by this so-called forecasting software that always seems to fail to actually build in real-world events from both the market and clients perspectives. (Monte Carlo simulations included)

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