AMP launches free intra-fund advice service

AMP has launched a free intra-fund advice offering to its Super Directions Fund members.

The retirement health check was a phone-based, simple, advice conversation of offers for members that covered super contributions, insurance, and investments.

AMP said the service would help members consider their retirement options, how much super was enough, how long money needed to last, and general age pension entitlements.

Related News:

AMP general manager, workplace super engagement, Stephen Owen, said: “Our financial wellness research shows that Australians feel underprepared and concerned about retirement – 50% don’t know how much money they’ll have or need to achieve their desired living standard in retirement.

“Retirement is a critical period in our lives and the retirement income system is complex so it’s crucial people get access to information, guidance and good advice. The new offer will help our members take more control of their retirement, in particular, the critical and sometimes complex transition from our working lives into retirement.

“This is especially important for women, with our research showing they are more likely to have higher levels of financial stress, are less likely to have retirement goals, and are more concerned about retirement.”




Recommended for you

Author

Comments

Comments

"Oh yeah, I like this idea.." Cosmo Kramer

"Oh yeah, I like this idea.." Cosmo Kramer

This is exactly what "community expectations" is all about. Well done CHOICE and ASIC.

Interesting. Sounds like free personal financial advice to me, paid by AMP head office. I guess Jane Hume thinks this is a level playing field, and just a distraction from the real job of her career? ASIC will think this is great, and independent advisers will go under with compliance in face of free advice.

It's not "free". It's paid for by the mandatory fees charged to the member's account, as well as the mandatory fees charged to other members accounts who never use the service.

This is an exercise in misleading advertising, fees for no service, and failure to implement Opt-In. Just because union super funds can get away with breaking these laws doesn't mean AMP will. Union super funds have regulatory immunity. AMP has a big target painted on them, which they have just made even bigger.

Possibly, but I suspect the real "big target painted on them" ie AMP was the independently owned Financial Planners.
All this General Advice, Intra Fund Advice (which is personal advice but not required to comply), Fee for no service witch hunt when service is excluded (and ASIC not returning the fees to members), Intra Fund Advice fees charged to all members and that's OK even with no ability for a member to opt-out and no service or advise even required to ever be delivered, let alone Opt-in, FDS, TOE, BID etc - I don't like what ASIC, Liberal, and Labor has done and is doing, I don't believe ASIC does not know why Holistic Advise delivered by Independently owned Advise practices is so expensive - if they don't perhaps they are not sufficiently skilled at their job and should consider refunding their salary - but I can't blame AMP for doing this.
Hard to see how ASIC will stop them (AMP now) without stopping their mates at Industry Super. AMP is reducing Super Funds from 73 or so to about 3 offers. Back to 1980s in order to compete with Industry Super.

I'm not sure about your comments about "not required to comply." Personal advice all requires the same compliance. Intra fund simply refers to the potential payment method where the advice relates to a product already held.

So just give advise of the existing product held - and charge what you need to others - love it. Product selling and retention dream come true.

I guess any Superannuation Fund that offers Intra Fund advise knows that the advise is so conflicted that a client would never willingly pay for the advise with informed consent and their own money therefore the absolute need for the payment method. Thanks ME.

this good if they chase AMP for intra fund they have to chase every industry fund too...

they wont do anything they know well and good that intra fund advice works the same as commission used too but this service stops people from moving funds keeps everyone in their own fund

Hats of to a brilliant long term business plan.
1. Sell small account clients to fools for 4 times revenue.
2. Have laws changed and force advisers to turn off fees for all low paying clients.
3. Tell advisers to hand back clients to AMP for free after receiving payment for them.
4. Continue to make profit on loans for original clients.
5. Market to same clients for no fee advice and increase FUM and platform fees.
(all while asking advisers to sign forms stating they asked AMP to turn off fees and take back clients)

So, let me get this straight. If I'm a vertically intergrated business I can charge advice fees without providing advice? Sounds great. How do I set this up??? (Sarcasm is the lowest form of whit, sure, but its still 9 levels above the contempt with which we're treated by ASIC)

Add new comment