AMP Financial Planning’s advisers will charge negotiable, up-front fees of $200 to $700 for the ‘TurningPoint experience’, while the price for AdvicePlus Solutions will be agreed with the client.
AMP head of advice segments Grant Pearson released details of the company’s overhauled advice packages, the formal operation of which was reported by Money Management three weeks ago, at the products’ official launch.
Pearson said advisers would have to be accredited to use the TurningPoint tool, with 250 advisers having already achieved accreditation in the past three months.
He expected more than half of AMP’s advisers to be accredited by the end of next year.
The TurningPoint software is a customised version of CARM’s Guided Planning System (GPS), which is currently used by around 500 planners through arrangements with individual planners and dealer groups including Count and Professional Investment Services.
CARM chief executive Matthew Lock said AMP had “re-skinned” the GPS and modified underlying assumptions and rules made by the tool.
He said AMP and CARM had agreed to a three-year contract that would make the licences available at the price agreed and include software support and its rollout.
Lock said CARM had been involved in conducting 23 full day seminars with AMP planners. “The purpose of that is to make sure the software is properly positioned within an overall sales and advice process. They have gone to great pains to make sure that the planners don’t think the experience is just about the software,” Lock said.
A risk profiler is also under development that will be integrated into TurningPoint. This may be offered directly to clients via a website.
Lock said there were no plans for TurningPoint to be offered directly to clients.
AMP also officially launched the first of its event-focused AdvicePlus Solutions, including SuperVision (super), BreakFree (debt management), FreshStart (redundancy), LiveLife (retirement), WiseChoices (moving from two incomes to one) and BePrepared (risk and insurance).
