AMP reduces fee structure for investment platform
AMP has announced the introduction of lower fee caps and simplified its fee structure for its investment wrap platform, MyNorth, which will take effect from 12 August.
The company said that under the new structure, an individual customer’s combined portfolio value would be used to determine their administration fee, with the total fee capped at $3,500 per annum.
Additionally, up to four family members, including spouses, de facto partners, parents, children, siblings, grandparents and grandchildren, could be grouped to determine their total portfolio value and administration fee, capped at $4,500 per annum.
AMP’s director, superannuation, retirement and investments, Vicki Doyle, said: “We want to work with advisers to help customers and families achieve their goals and these reduced fees and increased flexibility are designed with this in mind”.
MyNorth is part of AMP’s North platform, which recently passed $30 billion in assets under management.
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