With this, advisers will be now able to benefit from a more comprehensive view of their clients’ financial situation and enjoy efficiency gains from reporting across multiple client accounts in the same report.
The new feature is expected to be particularly beneficial for clients involved in multiple entities such as companies, trusts, SMSFs and individual accounts, as well as for couples and family groups, which constitute about one-third of all North clients.
“North has a proud history of innovation and we continue to lead the way with our innovative solutions in areas that can make a meaningful difference to advisers and their clients,” said Edwina Maloney, AMP group executive, platforms.
“Advisers can now, for the first time, get access to a contemporary reporting solution that significantly reduces the administrative burden for them, meaning they can focus on delivering personalised and impactful advice to their clients.”
According to Investment Trends’ Adviser Technology Needs report this year, advisers described enhanced client reporting and review tools as the number one desired improvement they seek from their main platform.
A quarter (25 per cent) said it was front of mind for them, up from 21 per cent in 2022.
Maloney noted that along with North’s platform integrated Record of Advice capabilities and innovative features like risk profiles, North is helping more advisers with a contemporary solution “that unlocks efficiencies and empowers more advisers to deliver exceptional customer reporting experience at review time”.
The capability builds on the launch of North Interactive for advisers earlier this year, offering a high-level client overview, such as portfolio value, performance, asset allocation and account movements, to better visualise a client’s account and performance data.
According to AMP, there are currently 210,000 client review reports in total produced each year on North, with reporting being one of the highest used features on the platform.
Last month, AMP welcomed three senior appointments in its North leadership team to drive forward its strategy and transformation plans.
Sharyn Baker from BT Financial Group was named as director of operations and David Hutchison from NMG Consulting was appointed general manager of managed portfolios and investments.
Baker will be working alongside Mike Way who joined as director of strategy and transformation in April this year. Both his and Baker’s positions are newly created roles in AMP’s platforms business, the company confirmed.
