Patricia Montague

AMP has made a number of enhancements to AMP Flexible Super, its leading superannuation and retirement product, making it a more competitive and attractive product for customers saving for their retirement.

A new retail insurance offer within AMP Flexible Super, Super Protection, will offer customers more competitive insurance premiums. Super Protection includes cover for Death, Total and Permanent Disability (TPD) and income protection.

AMP Director of Superannuation Patricia Montague said it was important to make insurance accessible for as many people as possible.

“Helping more Australians secure their financial future is at the heart of AMP’s values.  The launch of Super Protection means customers can access insurance at a lower cost.

“We know that for most Australians, their families are their most important asset. It is important for AMP to provide customers with a competitive way to access insurance to provide them with the protection they need,” Ms Montague said.

Super Protection replaces Flexible Protection, AMP Flexible Super’s existing insurance offer.  Flexible Protection will remain open to existing customers.

In addition to the insurance changes, AMP Flexible Super has refreshed its investment menu, including the addition of two new actively managed market linked options, Super Easy Active Balanced and the AMP Capital Dynamic Markets Fund.

Super Easy Active Balanced is a traditional diversified fund that uses both dynamic asset allocation and strategic management to deliver lower cost active management.

The AMP Capital Dynamic Markets Fund uses dynamic asset allocation, providing a flexible investment approach that aims to balance growth and defensive assets in response to changing markets.

AMP Flexible Super will also introduce a 3 month Term Deposit, giving customers’ greater flexibility to pick and choose cash options to suit their needs.

The new investment options add to AMP Flexible Super’s diverse investment menu to meet the needs of customers with different account balances, risk profiles and liquidity requirements.

Super Protection will be compliant with the incoming Superannuation Industry Supervision (SIS) reforms which take effect 1 July 2014.

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Patricia Montague

AMP’s award winning all-in-one super and retirement product, AMP Flexible Super, has notched up over $10 billion in assets under management (AUM), capping off a remarkable period of growth since its launch in 2010.

AMP’s Director of Contemporary Wealth Management Patricia Montague said the $10 billion milestone was testament to the products flexible structure which made it suitable to individuals regardless of their superannuation balance or stage of life.

“The success of AMP Flexible Super since its launch in 2010 has been phenomenal, and we are continuing to see strong growth with customer numbers increasing by more than 26 per cent, up from 172, 000 customers at FY 12 to 216, 000 at the end of October.

“The appeal of AMP Flexible Super is that for customers, from their first job, to having a family and through to retirement, it provides customers with one account for life at a low cost.

“AMP Flexible Super keeps up with customers changing needs as they move through different stages of their life, offering a single entry-level low cost option through to a more sophisticated option with an extensive investment menu.

“We know from our customers they want that sense of control with their finances, and AMP Flexible Super offers this, allowing customers to log on to My Portfolio at home or at work at a time convenient to them to view their super balance, insurance cover, check transactions and contributions and manage their account in line with their attitude to risk,” said Ms Montague.

Underpinning the success of AMP Flexible Super, in the last year it has picked up a suite of awards, including a five star rating in the recent CANSTAR ratings for the third year in a row, Chant West 5 apples ratings and winning the Selecting Super Personal Product of the Year Premium Choice award.

AMP Flexible Super was launched in 2010 as part of changes to streamline AMP’s superannuation offering.

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Patricia Montague

AMP Flexible Super’s superannuation and retirement accounts have been awarded five star ratings in the recent CANSTAR ratings for the third year in a row.

The five star ratings, the highest available, recognise AMP Flexible Super’s low fee structure, member education and benefits, online and phone access and investment options.  AMP’s access to an extensive financial planning network also contributed to the high rating.

AMP Director Contemporary Wealth Management Products Patricia Montague said the ratings reflected the quality of the product and the accessible and transparent pricing structure which has made it an attractive choice for customers.

“We are thrilled AMP Flexible Super has achieved the highest possible rating for the third year in a row for the superannuation and retirement categories by CANSTAR in its annual ratings.

“The five star rating shows we’re continuing to provide a product that offers customers flexibility, choice and access to expert advice at an affordable price.

“We constantly monitor the superannuation and retirement market so we can continue to enhance the product to ensure it meets the changing needs of our customers,” said Ms Montague.

Since June 2012, AMP Flexible Super has grown its customers by 75 per cent and at AMP’s half year results in August, AMP Flexible Super assets under management increased to $8.8 billion, up from $5.7 billion in HY 12.

AMP Flexible Super has also unveiled a number of enhancements to its online portal improving the way financial advisers write new business, which will result in greater efficiencies for customers.

AMP Flexible Super business can now be written entirely online, eliminating paper based transactions.  Following an extensive pilot process, adviser feedback has shown the improved technology has made it quicker and easier to lodge customer applications.

“The improvements mean advisers will be able to more effectively write new business for AMP Flexible Super, reducing lodgement times by over 50 per cent.  The reduced application and approval times will result in much greater practice efficiency and an improved experience for the end customer,” said Ms Montague.

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Patricia Montague

AMP Financial Services (AFS) Director Banking and Wealth Management Products Rob Caprioli has announced the appointment of Patricia Montague as Director Contemporary Wealth Management Products, effective 12 August.

Ms Montague will be responsible for a number of AMP’s superannuation and retirement products, including its flagship AMP Flexible Super, and will work closely across all areas of the business including sales, distribution, marketing, product, pricing and investments.

Ms Montague joins AMP from the Commonwealth Bank of Australia (CBA) where she was the General Manager of Retail Customers and Transformation.

In this role Ms Montague was responsible for customer satisfaction, strategy, revenue, and market share across small business, youth, premier and migrant customer segments.

Prior to that, Ms Montague was Head of Retail Bank Transformation at CBA. She was responsible for the change transformation plan related to the core systems replacement program for the retail bank which delivered a seamless frontline change experience for more than 10 million customers and 15, 000 employees.

Mr Caprioli said Ms Montague’s extensive experience in banking and wealth management, and her strong customer focus will be a valuable addition to the AMP group.

“I am very pleased Patricia will be joining AMP’s contemporary wealth management team. She has a strong retail and customer focus and a track record in improving product, sales and distribution capabilities across different customer segments,” Mr Caprioli said.

Ms Montague has a Bachelor’s degree in Pure Mathematics and Economics, a Diploma in marketing from the Chartered Institute of Marketing, as well as executive management qualifications through MIT Sloan School of Management.

Ms Montague replaces former Director Contemporary Wealth Management Products Chris Jansen.

Mr Jansen has moved to a compliance project team set up to prepare for the implementation of Stronger Super.

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