Edwina Maloney

AMP has launched North Protect, giving eligible clients a simpler way to access or transfer group insurance with as few as three yes-or-no risk control questions*.

Underwritten by TAL, North Protect brings group insurance together with super and investments on North, giving advisers flexible cover options and a streamlined way to help clients consolidate their existing insurance arrangements.

Edwina Maloney, AMP Group Executive, Platforms, said: “Advisers told us they wanted a simpler way to bring their clients’ super, investments and insurance together. North Protect gives them practical options to do that.

“For clients with super and insurance spread across different funds, consolidation can be complicated by the need to retain appropriate protection. North Protect gives advisers another option to help simplify those arrangements.”

Three pathways to cover

North Protect complements North’s existing retail insurance offer through:

• Standard Cover – providing eligible clients with access to straightforward death and TPD insurance through a small number of risk control questions. Cover automatically adjusts as clients age.
• Tailored Cover – offering fully underwritten death, TPD and income protection insurance for eligible clients requiring greater flexibility.
• Insurance Transfers – allowing eligible clients to transfer existing cover from another super fund. Transfer limits include up to $2 million in death and TPD cover and up to $20,000 a month in income protection cover, subject to risk control questions and eligibility requirements.

Eligible clients can also continue existing North Protect death cover when moving from a North or MyNorth Super account into the corresponding pension account. This continuation applies to death cover only, with cover ending at age 70, subject to policy terms.

Advisers can generate quotes, submit and track applications, and manage cover online through the AGI portal.

Gai Ferrington, AMP General Manager, Product and Pricing, said: “We know many advisers are looking for an easier and more practical way to help clients protect what is often their most valuable asset: their ability to earn an income.

“They also want greater flexibility in how they support different client needs, from straightforward insurance requirements through to more tailored solutions as clients’ circumstances change over time.

“North Protect has been shaped by that feedback, giving advisers more ways to support their clients’ protection needs.”

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*Minimum and maximum cover limits, eligibility criteria and other terms and conditions will apply. Further details provided in the North Protect Insurance Guide.

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North’s new menu was launched in response to adviser feedback and is designed for clients who have simpler investment needs. Advisers will be able to blend across investment menus as advice needs change, a unique point of differentiation for North and clients on the menu will also have access to family fee aggregation.

Designed to help improve access to quality advice, Grow aims to help more Australians receive the guidance they need while enabling advice practices to expand their reach and service more clients.

Addressing key pain points for advice practices

While the proportion of Australians seeking professional advice has remained stable over the past four years, a widening affordability gap and rising delivery costs continue to stand in the way of most Australians receiving financial advice[1].

The financial advice landscape is rapidly changing, with advisers facing increasing pressure to provide high-quality advice to a growing number of clients with unmet advice needs while also navigating increasing barriers to access, according to Adviser Ratings.

Grow is designed to alleviate these challenges by offering a streamlined and cost-effective solution that caters to clients with simpler investment needs, as well as ensuring advisers can leverage the unique benefits of North by blending across menus and not being restricted to a single menu.

Grow allows advisers to focus on delivering personalised advice without the burden of account fees or complex administrative costs.
Meanwhile, clients on the new investment menu can also access our award-winning MyNorth Lifetime solution, unique to North, which delivers retirement income for life at no additional cost. This means advisers can add significant value to lower balance clients in the accumulation phase and engage them earlier on in their advice journey as their needs evolve and become more complex.

Supporting adviser growth and efficiency

With North Grow, advisers can benefit from a range of features designed to enhance their practice’s efficiency and effectiveness:
Simplified Pricing: No account fees, no tiered administration fees, and simple investment fees, making it a cost-effective solution for clients.

Flexibility: Grow easily caters to clients as their investment needs change, offering family fee aggregation for multi-generational households on North

Mix and match: Clients can seamlessly mix their investments across North’s Grow, Select, and Choice menus, with platform pricing blended accordingly.

Focused Managed Portfolios: Curated portfolios that cater to a range of risk profiles, freeing up advisers’ time to better serve their clients and grow their practice.

David Hutchison, General Manager of Managed Portfolios and Investments, AMP said: “Advice practices large and small face a real challenge in efficiently meeting the needs of everyday Australians in a cost-effective way, some of whom are earlier on in their accumulation journey or who have not sought advice previously.

“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 under-served. 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.”

“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.

Gai Ferrington, General Manager of Product and Pricing, AMP said: “North is committed to supporting advisers in their mission to provide quality advice to all Australians at every stage of their investment journey.

“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.”

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