The maximum fee would be reduced by $400 to $2,000 per annum for individual clients who held only a MyNorth investment account and take effect from 1 July, 2022.
For those clients who also held a MyNorth Super or MyNorth Pension would be $2,400 per annum.
Clients could also group together six family members and benefit from family-fee aggregation and capping.
AMP Australia director of platforms, Edwina Maloney, said: “The reductions are also part of our ongoing investment in North as we expand our footprint in the IFA market.
“This includes building and enhancing North’s investment menu, which includes an expanding range of managed portfolios and retirement solutions. We’re also investing in the technology and functionality which helps advisers most effectively and efficiently manage the evolving investment needs of their clients. This includes the recent launch of the North client app.”
