AMP has launched a contemporary financial advice business, AMP Advice, creating a new customer experience and making goals-based advice more accessible to more Australians. AMP Advice combines interactive technology with personalised advice to help customers explore, plan, track and realise their goals.
The implementation follows an extensive period of testing and feedback from AMP’s aligned adviser network and customers.
AMP Advice encompasses:
- AMP Advice branded practices located around Australia where customers can identify their goals using AMP’s new Goals Explorer technology. Working with a Goals Coach they can choose from 29 goals identified by AMP’s research as being most popular for customers or create new goals specific to their circumstances.
- Access to My Money Style, a unique application customers complete to reveal their behaviours with money and risk appetite.
- Advice Explorer scenario modelling which customers and advisers use together to develop lifestyle and financial plans targeted at achieving their specific goals.
AMP Group Executive Advice and Banking Rob Caprioli said the purpose of AMP Advice is to make goals-based advice more accessible to the 80 per cent of Australians who don’t currently have a relationship with a financial adviser.
“When delivered well we know face-to-face financial advice improves the lives of our customers.
“We also know the concept of personal goals has long been the foundation of the most effective financial advice. This principle has driven the development of AMP Advice, through which goals frame every aspect of the advice process,” said Mr Caprioli.
AMP research indicates that Australians who have clearly defined goals and a plan to achieve them are under considerably less financial stress.
David Akers has been appointed Managing Director, AMP Advice, reporting to Mr Caprioli. Formerly Director of Future of Advice Business Solutions at AMP, Mr Akers will lead AMP Advice as it expands its national footprint.
There are currently 11 AMP Advice practices located around Australia, with between 20 to 30 expected to be operational before the end of the year.
AMP’s employed adviser licensee, ipac, is currently transitioning to the model, with five locations now operating as AMP Advice.
AMP’s other aligned licensees, Hillross, Charter and AMP Financial Planning will continue to operate under their existing brands and structures.
In announcing AMP Advice, Mr Caprioli reinforced AMP’s commitment to its existing advice network.
“We are continuing to invest in technology and systems which will benefit all our advisers, allowing them to spend more time with more customers.
“We also recognise that to deliver more advice we must operate to the highest standards of professionalism,” said Mr Caprioli. “Ethics, education and high customer service standards will continue to be integral to how we deliver advice.”
In August 2014, AMP announced a series of measures across its advice network to significantly lift the bar on adviser professionalism and reinforce its commitment to stand behind the advice it gives to consumers.
AMP Advice is core to AMP’s strategy to become a more customer focused, goals-based organisation. It will integrate with a range of other AMP goals initiatives planned for release in the second half of 2016. These include the AMP Bett3r Account, which helps customers simplify their finances, a solution to help manage and optimise income through retirement and a holistic insurance offering.
