AMP has launched a new version of its Ascend self-managed superannuation fund service to its financial advice network while its North platform will offer a rebate on term deposit administration fees until the end of the year.
The Ascend SMSF service is being rolled out to SMSF-accredited planners in AMP’s aligned advice network in the second half of 2012, starting with AMP Financial Planning and Hillross.
The enhancements and new features are said to include an easy-to-use web portal, better reporting, online access to fund information and the ability for planners to complete a new SMSF application in minutes rather than hours.
At the same time, administration and audit fees have been reduced and additional investment options added, including AMP’s North platform and PortfolioCare, and The Australian Money Market term-deposit service.
AMP SMSF managing director Paul Sainsbury said the new Ascend SMSF service is a key component of AMP’s new SMSF business strategy, which has undergone a shake-up in the last couple of months.
“Ascend SMSF recognises the growing role of financial planners in the SMSF sector by providing a high level of support to deliver high quality solutions to SMSF customers,” he said.
“The new service offers more features at a lower price and improves the automation of management reporting and compliance obligations so planners and advisers can spend more time with their clients.”
The original Ascend service launched in 2009 was only available to AMP Financial Planning and Hillross financial planners and advisers.
Fee rebate
In related news, AMP’s North platform will offer a rebate on term-deposit administration fees until the end of the year.
The administration-fee rebate will apply to all clients who take out a new North term deposit or roll over a maturing term deposit between August 1 and December 31, 2012.
AMP’s director of platforms, Steve Burgess, said while it was important for people to have a balanced portfolio, recent market volatility has seen some investors look to cash as a safe haven.
“We are pleased to be able to offer new and existing North clients a fee rebate. In the current environment, an allocation to cash is an attractive option for some clients to help them achieve their long-term savings goals,” Burgess said.
“North has seen strong growth in term-deposit funds under administration over the past year, jumping from 1.3 per cent to 6.9 per cent of total North FUA between June 2011 and June 2012.”
The administration-fee rebate applies for the duration of the term deposit or up to December 31, 2013.