AMPhas launched Australia’s first on-line financial planning service, My Plan, catering for both the do it yourself (DIY) market and financial planners.
AMP Financial Planning managing director Greg Kirk says My Plan gives AMP a substantial competitive advantage and will take distribution to a new level.
“Our competitor sites are take-what-we-give-you type sites, with no personalisation and little capacity to transact,” Kirk says.
He says AMP’s financial planning technology is a better, more contemporary way to provide advice and to do business, providing clients with real choice of access.
Now part of AMP’s value proposition to planners, more than 1000 individual planner websites have been launched that already utilise My Plan technology.
The planner websites offer users all the functionality of the AMP website as well as the other e-services offered through AMP Direct such as MyPortfolio, Account Minder and BankNet.
“These websites provide a service for clients that they can use as it suits them and, when they want advice, AMP Financial Planner is just a call or an e-mail away,” Kirk says.
The self-drive planning service offers two levels of service. An initial assessment consists of an e-consultation where the customer answers questions about their current financial position and their lifestyle and retirement goals.
My Plan then produces a general assessment of whether the customer is able to meet these goals. This part of the services is free of charge.
The customer is able to proceed to the next stage, which involves an e-interview to establish the client’s circumstances and needs and objectives.
At this level, My Plan also requires information on whether a client’s assets are currently invested and what level of risk the customer is comfortable with. The e-interview costs $99 for 12 months unlimited use.
Using financial planning, business, tax and legislative rules as well as product research, My Plan is then able to produce a comprehensive e-plan complete with recommendations.
Clients who wish to then discuss their financial plans with an adviser can make contact with AMP who will refer them to the closest adviser.
