AMP reduces, simplifies MyNorth fees for individuals and families


By

July 25, 2017

AMP is  introducing lower fee caps and a simplified fee structure for its  market-leading investment wrap platform, MyNorth.

The  changes, which take effect from 12 August 2017, will reduce costs and provide  greater fee flexibility and transparency for new and existing customers and  their families.

Under  the new structure an individual customer’s combined portfolio value will be  used to determine their administration fee, with their total fee capped at  $3,500 per annum. The reduced fee covers individual and joint accounts, SMSFs,  trusts, and company accounts, of which the individual is a trustee, beneficiary  or director.

In  addition, up to four family members, with as many as six accounts each, can be  grouped to determine their total portfolio value and administration fee, which  will be capped at $4,500 per annum. Family members include spouses, de facto  partners, parents, children, siblings, grandparents and grandchildren of the  primary account holder.

“We  will continue to invest in the award winning MyNorth platform to ensure it  provides customers and advisers with a contemporary, simple and cost efficient  way of managing a broad suite of investments and investment strategies,”commented Vicki Doyle AMP’s Director, Superannuation, Retirement & Investments.

“We  want to work with advisers to help customers and families achieve their goals  and these reduced fees and increased flexibility are designed with this in  mind,”said Ms Doyle.

The  changes follow enhancements to MyNorth announced in May this year, including  the removal of platform administration and investment fees on the North cash  account and new reporting functionality.

MyNorth  was earlier this year awarded 2017 Advised Product of the Year at Chant West’s  super funds awards.

MyNorth  is part of AMP’s North platform, which recently passed $30 billion in assets  under management.

For more  information see: https://www.amp.com.au/adviser/offers

SOURCE: AMP

 


Cut & Paste conveys information received directly from the organisations concerned. Statements and releases published here have been selected for their relevance to the financial planning profession. They are generally unedited, and the views expressed do not necessarily reflect those of Professional Planner.


About The Author /

What is Cut + Paste? Cut + Paste contains news releases, statements and other information from organisations active in financial planning and related areas. Its aim is to convey that information to you directly from those organisations. Everything published in Cut + Paste has been curated for its relevance and topicality; otherwise, it is predominantly unedited. The views expressed in Cut + Paste do not necessarily reflect those of Professional Planner. To learn more, please click here.

Have your say

Will the measures announced in the budget affect your clients?
Vote Now