Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million as a result of the firm seeking to make North a preferred platform for financial advisers.
In its results for the three months to 31 March, net cash flows (excluding pension payments) on its platforms were $740 million, a substantial jump of 268 per cent from $201 million a year ago.
But its platform assets under management (AUM) decreased 1 per cent from $79.8 billion to $78.8 billion as a result of market movement.
Clients using the MyNorth Lifetime product now hold $510 million on the platform, it said in the ASX announcement.
Commenting on the platform division, chief executive Alexis George said the firm has been actively targeting financial advisers to make it their preferred platform.
“We have seen the positive momentum in cash flows across our platforms business continues with another strong quarter, which reflects our focus on making North a preferred platform for advisers.
“Significant volatility in investment markets impacted total AUM, however, we are not allowing ourselves to be distracted by the market instability and we remain focused on delivering for customers.
“We are continuing to introduce new features, functionality and support for North that helps advisers better service their clients – and we are seeing adviser numbers continue to grow. Last month we released an innovative AI assistant, designed to reduce manual admin to improve client relationships and adviser efficiency.”
On the superannuation and investment business, net cash flow (excluding pension payments) improved to $108 million in the latest quarter, but market movements impacted AUM which fell from $56.8 billion in the previous quarter to $55.8 billion.
While the figure was still in outflow territory, AMP noted it was an improvement from $371 million in the prior corresponding period.
During the quarter, the firm launched a digital advice offering for its superannuation fund members which it said is “driving improved retention and inflows”. This allows members, through the MyAMP portal, to find out when they can access super, how much is enough to retire, and an estimate of their income in retirement.
George said: “Cash flows for the superannuation and investments business continued to progress towards positive flows with another quarter of reduced outflows. This has been driven by our solid offer for AMP super through low fees, strong investment performance, and a competitive insurance offer helping to drive retention. Our recently launched digital advice solution for AMP Super members is providing simple, intuitive retirement advice at no extra cost.”
