AMP moves fast with dealer group wrap offerings

AMPAustralian Financial Services yesterday rolled outAsgardeWraps to three of its four aligned dealer groups within two months of the groups striking a deal.

The eWraps - PortfolioCare, Rhapsody and Carta - will be on offer to AMP’s three aligned dealer groups,Hillross Financial Services,Arrive Wealth Managementand Magnify Financial Planners respectively.

The wrap for AMP Financial Planning will be on offer before the end of the year, says AMP director of advice based distribution, Steve Helmich.

“It is testimony to the strength of the relationship between AMP and Asgard that we were able to turn these wrap accounts around in less than two months,” Helmich says.

According to Helmich the new wraps are tailored to the high net worth clients serviced by planners within each of the dealer groups.

“It’s great news for planners in Hillross and Arrive that they have products of this calibre available to service the needs of their high net worth clients,” he says.

With regard to Arrive, while Rhapsody will become the wrap product of choice, the dealer group will continue to supportMacquarie Wrapfor existing investors.

AMP spokesperson Mike Smith says that competition from the likes ofBTWrap and Asgard’s own products had put pressure on AMP to boost its wrap offering.