AMP launches next phase of digital advice offering

After launching its digital advice offering, Retirement Health Check, earlier this year, AMP has announced the next phase of its strategy, providing its users with more personalised guidance.

In February, AMP released a new digital advice service, utilising Bravura Solutions’ Midwinter technology, to support its AMP Super Fund members with retirement advice, providing members with an online advice journey to find out when they can access super, how much is enough to retire, and an estimate of their income in retirement.

With this next stage, the firm has released a retirement planner and three new standalone retirement sub-journeys, available through the AMP online portal or app.

This includes a super projections pathway to help members assess their potential retirement income, what government age pension they may be eligible for, how they might benefit from a lifetime income solution, and if they are on track for their retirement goals.

There is also a contributions strategy offering to guide members on choosing the right contribution to grow their super, and an investment strategy solution to help them align their investments with their preferences and understand how it could impact their retirement income.

On top of this, members will now be able to explore how selling their home could help grow their super with downsizer strategy support, while also providing tax-efficient recontribution advice to help reduce tax for beneficiaries and increase tax-free retirement savings.

AMP explained that members will also be able to do a more accurate assessment of their finances as retirement projections now include actual insurance premiums, allowing members to better understand their income projections in retirement and how long they might last.

Since the initial launch of its digital advice offering, AMP said that more than 20,000 members have engaged with this service, with over 17,500 Retirement Health Check journeys been completed.

Reaffirming AMP’s commitment to giving members greater control and financial security, AMP group executive superannuation and investments Melina Howes said: “We don’t just rely on automation and algorithms - we think about how people actually feel and behave when making financial decisions. That means going beyond general advice or one-size-fits-all retirement calculators, with advice and education tailored to each member.

“We’ve seen an incredible uplift in the numbers of members engaging with our service and we’ve made some great strides forward with a market-first digital financial advice solution that makes financial advice easier to access and understand for all our members.”

As advice accessibility continues to be a challenge in Australia, Howes said that AMP is working to raise member awareness of super advice offerings.

“We’re thrilled to be leading the way with new standards and helping our members take action, reduce financial stress, and feel more confident about their retirement,” she said.

Bravura Solutions head of Midwinter advice products Michelle Lusty added: “We’re witnessing a transformational shift in how Australians access retirement planning advice. By collaborating with forward-thinking funds like AMP, we’re helping millions of Australians to engage advice in a way that suits their individual needs, ultimately improving their retirement outcomes while strengthening trust in the system.”