AMP has announced a series of fee cuts to MyNorth for new and existing superannuation, pension and investment clients.
The changes would see Lower Select and Lower Choice menu administration fees cut by up to 0.1 and 0.2 per cent per annum (p.a) respectively and Lower MyNorth Index investment management costs by 0.1 per cent p.a.
There would be lower administration fee caps for clients and families by $700 p.a, capping them at $2,800 and $3,800 per year each. The limit on the number of family members able to team up under the family admin fee cap would also go from four to six.
“Following these fee reductions, MyNorth will be one of the best value wrap platforms in market and will compete very strongly on price across a range of account balances,” AMP’s chief executive, Australian Wealth Management, Alex Wade, said.
“The changes reflect AMP’s heightened commitment to improving client outcomes, and follow our recent MySuper fee reductions, which have benefitted more than 600,000 AMP clients.”
The changes would take effect 1 May, 2019.