AMP adds consolidated reporting to North platform
AMP has launched household consolidated reporting across multiple clients to North Interactive in response to adviser feedback.
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.
AUTHOR
Rhea Nath
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.
