AMP commits to online future
In a raft of initiatives AMP has announced the launch of a direct channel that could radically change the role of its adviser network.
In a raft of initiatives AMP has announced the launch of a direct channel that could radically change the role of its adviser network.
AMP Financial Services managing director Andrew Mohl says the launch of AMP Direct on September 15 will enable customers to buy the full range of AMP’s retail financial products direct over the phone, online or through the company’s financial planning network.
“As a sign of the trust and collaboration between AMP and its financial planners, AMP’s Adviser Association has worked in conjunction with AMP on the launch of AMP direct and has agreed protocols that facilitate a full retailing platform,” Mohl says.
The protocols include an agreement to make all direct products available to advis-ers and give them the ability to match any special offer made by AMP.
Another clause will allow advisers to sell their general insurance register back to AMP at 2.25 times renewal commission.
In a letter to all AMP advisers from the president of the Australasian Association of AMP Advisers, Frank Welsh, says the success of the direct business will benefit advisers.
“We acknowledge the risk, but the reality for us as advisers is that our future lies in the advice and the value we offer beyond the product,” Welsh says.
The new service will also feed any leads back into the network and aims to pick up investors who may not consider seeking advice.
Mohl says the AMP initiatives will reposition the company’s financial services op-eration for the new century.
“Customers are driving change, and AMP is repositioning to meet our customer’s needs for more choice, convenience and control,” Mohl says.
As well as the AMP Direct channel a range of other new services are being launched including; AMP Broking through an alliance with JDV and upgrades to the AMP Banking service.
AMP will also launch an aggregation service, My Portfolio — which will provide customers access to all their AMP holdings in a single viewing screen and a new screen-scraping service, Account Minder.
AUTHOR
David Chaplin
Recommended for you
Proposed legislative changes to safe harbour duty could result in advisers having reduced professional indemnity costs, a joint submission by seven major licensees said.
With 66 per cent of newly established advice licensees being sole advisers, what are the risks and legal ramifications to consider when taking the plunge into self-licensing?
Despite its popularity, only 1 per cent of financial advisers say they have often discussed cryptocurrency with clients, CoreData said, fuelled by concerns of heavy legal expenses if the product goes wrong.
AFCA and the CSLR have signed a memorandum of understanding as to how they will support an efficient financial services sector via the scheme.
