AMP has launched a new fee calculator to help advisers and clients produce fee calculations for their MyNorth wrap platform.
The web-based calculator allowed advisers and clients to enter how much they intended to invest in either pension, super or investment accounts and the calculator would provide an instant annual total platform fee summary.
Rod Finch, managing director wealth products & platforms, said the fee calculator would make assessing MyNorth’s fees simple and transparent.
“This is great news for clients and advisers, who we’d encourage to regularly review their platform fees against what’s currently available in the market, including MyNorth, where fees were significantly reduced earlier this year.
“We expect to launch a new version of the fee calculator next month, which will provide more detailed fee breakdowns,” Finch said.
Other administrative, design and efficiency enhancements for MyNorth were scheduled for later in the year.
AMP said it had reduced fees for over 87,000 MyNorth clients this year and has passed $2 billion in assets under management on its Advantage Fund range in less than two years.