AMP to launch digital advice service in 2024
AMP intends to launch a digital advice service for both its advisers and its superannuation divisions next year.
The firm has been speaking with a range of digital advice providers including Midwinter, GBST, Otivo and Advice Intelligence and expects to decide on one soon.
Matt Lawler, group executive for advice, said: “2023 for us has been about understanding the market, we did some work with KPMG, and have been researching different providers and having them present. We are getting closer to choosing a provider and that will be a 2024 release for us,” said at the ASFA annual conference in Adelaide.
As to how the service will be charged, he said: “On the super side of the business, AMP has a large Master Trust super fund, will have digital advice funded by the fund. But we also see advisers having a digital advice offering because they see younger clients who aren’t on an ongoing fee program, a digital advice offering can nurture those clients until they are ready for that full advice relationship.”
Speaking to Money Management, Lawler added it will be a guided process where they can call an adviser for support throughout the process.
"People who say they are stuck here or stuck there, there will be a call centre of support all the way through and also, if people feel things are getting too complex for them, at every point they will have the option to speak to an adviser. [It will be] a client journey where they can dip in and out of speaking to someone or remaining on the digital platform."
AUTHOR
Laura Dew
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
