Jocelyn Furlan

Total Risk Management Pty Limited (TRM), trustee of the Russell Investments Master Trust, announced today the appointments of Jocelyn Furlan and Ben Walsh to serve as independent directors, effective 1 July.

Ms Furlan is a superannuation industry consultant specialising in consumer affairs. She is currently a director of Financial Counselling Australia, Perpetual Superannuation and the Mother’s Day Classic Foundation. She has also held a directorship at Aware Super and was previously Executive Chair and CEO of the Superannuation Complaints Tribunal.

Mr Walsh was previously the Chief Life and Health Insurance Officer and Chief Investment Officer at AIA Australia, and before that was the Managing Director and Chief Executive Officer at Mercer Australia and New Zealand. He is currently an independent director of Gen Re Australia and Gen Re Life Australia along with holding various board positions across the education and non-profit sectors. He has also held directorships at the Financial Services Council and Pillar Administration.

“These two appointments reaffirm Russell Investments Master Trust super members continue to benefit from the expertise of directors with an enormous amount of experience across superannuation, investments and member services,” said TRM Chair Patricia Montague.

“Jocelyn deeply understands the inner workings of super funds and the fiduciary duty to members. Ben brings investment, distribution and product expertise that will further support the continued development of personalised superannuation solutions for Australians.​

“As trustee, we aim to improve members’ financial security by helping ensure their superannuation savings give them the very best chance at a great life after work.”

Through the Russell Investments Master Trust, TRM oversees iQ Super – for Life and iQ Retirement products, as well as Nationwide Super, Resource Super and Salaam Superannuation. The Russell Investments Master Trust currently has approximately AUD$11.2 billion in assets and around 85,000 members.

The two new appointees join board members Patricia Montague (chairperson), Alexis Dodwell, Keith Knapman and Peter Gunning.

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Patricia Montague

AMP’s North wrap products, North and MyNorth have collectively hit $25 billion in funds under management (FUM), with AMP’s flagship wrap platform MyNorth reaching $4.4 billion FUM since its February 2016 launch.

AMP Director of Superannuation Patricia Montague said MyNorth’s strong growth has been driven by its new and flexible investment menus giving customers greater choice, and by its sophisticated user experience and competitive pricing.

“Enhanced fee capping and family aggregation as well as improved account reporting and tablet compatibility has made MyNorth highly appealing to customers and financial advisers,” Ms Montague said.

“MyNorth caters to customers with a broad range of investment needs, from people with simple and straight forward requirements, through to people with complex portfolios.

“Our focus remains on how our platforms support adviser efficiency, offering them more flexibility and control so they can continue to implement the strategies they choose, whatever their advice model.

“We’re focussed on making it simple for our customers to access the things that are important to them, like correspondence and statements through an online filing cabinet.”

Research house SuperRatings has just given MyNorth Super and MyNorth Pension a Platinum rating, the highest rating that can be achieved.

AMP has also been recognised by the Customer Service Institute of Australia, winning the Friendly Award for Superannuation. Based solely on consumers’ experiences, the award recognises the providers of the friendliest customer service across 15 key industries.

Ms Montague said it’s encouraging to see product enhancements and competitive investment options helping achieve a top rating for MyNorth and rewarding to be recognised for customer service excellence.

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Patricia Montague

AMP has enhanced its wrap offer for  customers with the launch of MyNorth, and a range of enhancements to its  existing platform, which includes the market leading North.

Launched yesterday, MyNorth is a wrap  solution catering to a broad range of investment needs, offering new and  flexible investment menus and a sophisticated user experience.

AMP Director of Superannuation and  Investment Platforms Patricia Montague said: “MyNorth builds on the success and  popularity of North and will appeal to younger customers who may have less  complex investment requirements, through to customers with complex portfolios.

“It has been designed to provide  advisers with the functionality and flexibility to evolve customers’  investments with their life goals and circumstances”, Ms Montague said.

AMP has also unveiled enhancements to  North’s online experience, introducing new features and functionality which  will deliver significant improvements for advisers and customers.

The online enhancements are available  to new customers on MyNorth and existing North customers.

Ms Montague said the investment in  North will result in a more engaging user experience and make it even more  competitive in the market.

“The changes we’ve made improve the  overall design of the platform and will result in a more intuitive and  efficient experience for both advisers and customers.

“AMP has sought feedback from  advisers to ensure the enhancements we’ve made will make a real difference,  allowing them to focus on spending more time with their clients and helping  them achieve their financial goals,” Ms Montague said.

The enhancements include:

• An improved intuitive user interface  that includes improvements to navigation for greater adviser efficiency and an  improved customer experience.
• North online is now compatible on a  tablet as well as a range of popular desktop browsers which means advisers can more flexibly interact with customers. According to research by ACMA¹,  83 per cent of tablet users go online via their tablet more than once a day.
• Better reporting, with an enhanced  account snapshot which provides portfolio balance and asset allocation  charting, as well as flexibility for the user to specify the relevant time  period. This compliments the existing summary features including asset allocation by investment option, portfolio valuation and insurance and guarantee  details.
• An improved search function and the  ability to segment customers. The search capability allows advisers to find and group customers with similar characteristics which can be used as a reporting  tool, increasing overall practice productivity.
• More prominent and accessible key  site information, including platform news and notifications.

The changes made will provide  a foundation for more efficient platform development in the future, with  further improvements to be rolled out over the next year

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Patricia Montague

AMP has reduced the cost of the North Guarantee, making it cheaper for customers taking out a new guarantee to access a solution to protect their capital in times of market downturn while still retaining exposure to market gains.

AMP’s Director, Superannuation and Investment Platforms, Patricia Montague said the new fees made protecting the capital they’ve accumulated more accessible for new customers.

“AMP recognises that peace of mind and security is what people nearing retirement are seeking.

“The North Guarantee means customers can have exposure to investment markets and periodically lock in the growth opportunities that presents, while offering protection against loss of capital.

“While our new pricing makes the Guarantee option more attractive, we know that for many of our customers the opportunity to protect themselves and their families from the devastating impacts of falling markets close to retirement is priceless,” Ms Montague said.

Increases in long term interest rates means AMP is able to offer new customers the guarantee more cheaply. Economic and market factors such as long term interest rates and market volatility are used to determine the price of the guarantee.

“Life expectancy is on the rise and there is a real risk that a market downturn could wipe out the savings of retirees or those close to retirement, who will also have a longer retirement to fund.  The effect of sequencing risk can be damaging.

“The options available under the Guarantee mean a customer can ensure they will lock in income for life, regardless of market conditions,” Ms Montague said.

The North Guarantee gives customers access to a range of investments while providing capital protection over flexible time periods.

The North platform was a key growth driver in AMP’s recent first quarter cashflows, with $1 billion in net cash flows for the quarter, and approximately 10 per cent of flows were directed towards the North Guarantee. North AUM grew to $10.7 billion at the end of March 2014.

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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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AMP Director of Superannuation Patricia Montague said North’s strong growth was driven by investment in the platform features increasing its appeal to customers.

“North’s impressive growth over the last three years has been driven by the wrap platform’s real time, straight through processing and broad range of quality investments which has made it highly appealing to customers and financial advisers.

“North appeals to a wide range of customers, from those with relatively simple superannuation and insurance needs through to those with more complex investments.

“North supports customers from the early stages of life as they buy a home, raise a family and build their wealth – all the way through to retirement when they need both regular income and ongoing capital growth to ensure their nest egg lasts through their retirement,” Ms Montague said.

AMP has also just completed the migration of Summit, Generations and iAccess, which had previously used older platform technology, onto North Online, allowing those customers to benefit from North’s leading technology, increasing the speed of transactions and providing more up to date information to advisers and customers.

The migration has been one of the biggest consolidations in the platform industry with the transfer of 131,000 customers and more than $14 billion in FUA onto the North platform technology.

North was launched in 2007 as a capital guarantee solution providing customers’ security to stay invested in the market during volatile times.  It developed into a full wrap platform in April 2011 with leading technology, intuitive features and a wide range of investment options.

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Pauline Blight-Johnston

AMP has announced key leadership appointments for its two newly created business divisions – Insurance and Superannuation, and Advice and Banking effective 20 January 2014.

The appointments come after AMP CEO Craig Meller announced his leadership team in October and are the next step in creating a leaner, more efficient and increasingly customer-driven organisation.

AMP Group Executive Pauline Blight-Johnston of the newly created Insurance and Superannuation division has made three appointments to her leadership team. The division is responsible for the company’s risk insurance, superannuation, investment, pensions and platforms business portfolios.

Megan Beer has been appointed Director, Insurance and will join AMP from NAB in February 2014.

Ms Beer has over 20 years’ experience in the actuarial and insurance industry. Prior to AMP she headed up NAB’s wealth management and insurance proposition through the bank channel, as General Manager Bancassurance and Direct.

Ms Beer will be responsible for driving AMP’s insurance business through a time of change for the industry, and bringing together services from across AMP to provide a sustainable and attractive customer insurance experience.

Patricia Montague has been appointed Director of Superannuation with responsibility for superannuation, retirement and platform investment products. Ms Montague joined AMP in August 2013 as Director Wealth Management Products.

Ms Montague joined AMP from the Commonwealth Bank of Australia where she was the General Manager of Retail Customers and Transformation.

Melinda Howes has been appointed Director Product Strategy and Services with responsibility for portfolio strategy and shared technical services across the Insurance and Superannuation business.

Ms Howes joined AMP in November 2013 from the Actuaries Institute, where she was CEO for more than three years. She has held senior positions at ASFA, and at BT Financial Group where she was Director of Superannuation and Retirement Products. She is well known in the industry for her expertise in issues around retirement, longevity and superannuation adequacy.

Ms Blight-Johnston said the appointments put AMP in a strong position to deliver a great experience to its customers in the rapidly changing insurance and superannuation environment.

“This is a strong team with the depth and breadth of experience we need to sustainably deliver the right solutions to our customers and to continue to remain contemporary and successful in a quickly changing world,” Ms Blight-Johnston said.

The AMP Advice and Banking division led by Group Executive Rob Caprioli is responsible for AMP’s advice, banking and corporate superannuation business portfolios; effectively bringing together the key channels through which customers come to AMP.

Mr Caprioli has made the following appointments to his team:

Steve Helmich takes on the role of Executive Director Financial Planning. AMP will leverage Mr Helmich’s extensive experience and understanding of the financial advice profession within its multiple advice brands and with external audiences. Mr Helmich will also represent AMP locally and internationally on key boards and forums.

The management of AMP’s advice businesses’ five licensees will be streamlined under three management teams.

Michael Guggenheimer, currently Managing Director of AMP’s biggest licensee, AMP Financial Planning (AMPFP) will have additional responsibility for Hillross. Tim Steele as Managing Director of ipac and Genesys will take on additional responsibility for Genesys, while Kevin Stone will continue as Managing Director of Charter Financial Planning.

Hugh Humphrey has been appointed Director Channel Strategy and Transformation and will be responsible for aligning business strategies with customer expectations across AMP’s channels. Mr Humphrey was previously Managing Director of Hillross.

Libby Roy and Mike Lawrence remain in their respective roles as Director Corporate Superannuation and Managing Director AMP Bank.

Mr Caprioli said the new division’s structure means that AMP has, for the first time, a single leadership team responsible for the primary ways customers join AMP.

“The significant depth of talent and experience in my team means we can deliver a seamless, effortless and personalised experience for our customers, no matter how they choose to begin a relationship with us. We will work closely with the rest of the business to deliver the products and services our customers want,” Mr Caprioli said.

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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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