AMP expands advice network with estate planning service

23 February 2024
| By Jasmine Siljic |
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AMP has launched a new estate planning offering across its financial advice network in response to client demand, as Australia’s great intergenerational wealth transfer looms.

The financial services firm has partnered with Yodal, a digital estate planning solution, for advice practices in the AMP network to utilise their service.

AMP’s new offering will include initial and ongoing training for advisers through an advice toolkit, practice marketing and re-use of Xplan data.

According to the licensee, the estate planning service was launched in response to burgeoning client demand for estate planning to help advice practices further grow their businesses.

Matt Lawler, AMP group executive for advice, said: “Estate planning is a top priority for our practices, and we are focused on helping our advisers realise their growth ambitions and enrich the services they provide.

“With 9 million Australians heading into retirement over the next 40 years, our partnership with Yodal will allow us to empower more advisers with the tools and resources needed to navigate this complex landscape efficiently.”

Amid discussions surrounding the $3.5 trillion intergenerational wealth transfer, research from Finder highlighted that 70 per cent of household wealth is forecast to be lost in the next generation due to a lack of adequate estate planning and advice.

Moreover, just 15 per cent of Australians with under $1 million in assets and 18 per cent with more than $1 million in assets have a plan in place, according to Generation Life.

Brandon Thompson, Yodal chief executive, reaffirmed the importance of estate planning as a significant opportunity for financial services professionals.

“We’re delighted to be partnering with AMP and helping more practices ensure that their clients’ wealth is transferred in accordance with their wishes, and their legacy and loved ones are protected,” he commented.

Additionally, the service provides advice firms with access to dedicated legal support when facilitating estate planning matters for their clients.

Australian Ethical’s 2023 Opportunity Next report, released in November, recently discovered that advisers who are actively engaged with their clients’ wealth transfer to their children are seeing greater client satisfaction and higher retention rates.

An overwhelming majority (77 per cent) of advisers who actively encouraged clients to engage their children in the wealth transfer conversation saw an increase in client satisfaction.

Moreover, 77 per cent of advisers who leaned into wealth transfer discussions reported retention of half or more of their clients.

This was compared to just 47 per cent for advisers who decided to wait for their clients to initiate these conversations.

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Submitted by Adrian Kwa on Wed, 2024-02-28 10:34

An innovative market leading offer that aims to grow advice in this very important area. The offer is a great partnership between Advisers who want to specialise, AMP Advice as facilitators of advice and Yodal, a market leading provider. Congratulations to AMP and Yodal

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