AMP’s advice platform has unveiled a new low-fee investment menu aimed at expanding advisers’ client base by targeting individuals with less complex needs.
Launched in response to adviser feedback, the new “Grow” menu is designed with the intent of addressing the advice accessibility issue, offering advisers a more cost-effective solution to serve lower-balance clients.
The menu offers simplified pricing through no account fees or tiered administration fees and simple investment fees, as well as family fee aggregation to meet the needs of multigenerational households operating on the North platform.
Advisers will also be able to “mix and match” clients’ investments across North’s other menu offerings, including Select and Choice, with platform pricing blending as needed while also giving them access to a curated selection of managed portfolios, allowing them to deliver a more personalised service.
Noting the importance of supporting Australia’s growing wave of retirees, the firm said clients will also be able to access its MyNorth Lifetime solution, allowing advisers to offer greater value to those still in the accumulation phase by delivering retirement income for life at no additional cost.
Speaking on the announcement, AMP general manager of managed portfolios and investments, David Hutchison, said the new offering will provide a key tool in helping advisers bridge the accessibility gap as cost continues to be the primary barrier to many Australians.
“By offering a simplified pricing structure and unique managed portfolios, North Grow makes it easier for advisers to provide quality advice to clients who may have been previously underserved. This initiative is an exciting step towards ensuring that more Australians have access to the financial guidance they need to achieve their investment goals – all without the traditional account fees,” Hutchison said.
“We recognise that amid the rising cost of living, many Australians aren’t getting advice for the things that matter, despite the lasting impact and benefits of an ongoing advice relationship.”
Adding to this, AMP general manager of product and pricing Gai Ferrington said the platform is “committed to supporting advisers in their mission to provide quality advice to all Australians at every stage of their investment journey”.
She added: “The launch of North Grow is testament to this commitment, offering a valuable new investment menu that helps advisers meet the diverse needs of their clients while maintaining the highest standards of service.”
This expansion follows the platform’s announcement in July expanding its managed account menu with the addition of BondAdviser, MST Income and Elston Income managed portfolio series to North.
Targeting clients seeking income protection, certainty and fixed income, the firm said the portfolios were designed to provide retirees with “more options to generate steady income and preserve their capital, while also limiting downside risk in the face of volatile markets”.
Speaking at the time, AMP group executive – platforms, Edwina Maloney, said: “This flexibility not only supports better client outcomes, but also gives advisers the freedom and confidence to adapt as markets and client circumstances change. North’s open architecture is all about putting choice, transparency and control in the hands of advisers, so they can deliver the best possible advice every time.”
