AMP cuts MyNorth fees
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.
AUTHOR
Hannah Wootton
Recommended for you
Momentum Media’s wealth publishing network is pleased to announce the launch of the annual Australian Wealth Management Summit 2025.
Trustee and fund administration platform MSC Group has promoted Shelley Brown as its chief operations officer, having successfully completed the integration of the Certane Corporate Trust business.
Australian Unity’s group managing director and chief executive has announced his plans to retire at the end of the year after two decades leading the company.
TAL has appointed a senior manager for investment strategy and portfolio management who joins from a lead role at AIA.
