Edwina Maloney

Financial advisers say lifetime income solutions are changing retirement conversations by giving clients greater confidence to spend, improving access to the Age Pension and helping turn accumulated savings into a more reliable income for life.

This, advisers say, gives their clients greater certainty about what they can sustainably spend and helps reduce the fear of running out of money later in life.

More than $21 billion of members’ retirement savings are now invested across AMP’s lifetime income solutions, including more than $1 billion invested by North clients through MyNorth Lifetime.

Susan Morris, Head of Strategic Advice and Senior Financial Adviser at Hyland Financial Planning, said that MyNorth Lifetime spells freedom for her clients.

“The tangible outcome of immediate age pension to support retirement income, together with the knowledge that a level of income will continue for life, helps assuage the fear of spending during the good times in the early years.

“Previously clients would often delay the big trips or more discretionary spending until a time when they might be less able to enjoy them due to ageing.”

Alex Berlee, Director at AGS Financial Group, said that the certainty that comes from a lifetime income stream is a game-changer for his clients.

“Knowing that longevity risk is taken off the table means clients can spend with confidence and enjoy the fruits of their labour. And to do that while maintaining their long-term investment approach, together with some Centrelink uplift in many cases, is a great result.”

Mende Dulevski, Director and Principal Planner at CLS Investment Services, said that many people are scared about spending their money in retirement, and they shouldn’t be.

“If we sit down with our clients and explain to them what their needs and wants are in retirement and how we can overcome those challenges and objectives by having access to all this money, they realise they can retire with an income stream that’s going to benefit them for years to come.

“MyNorth Lifetime gives our clients better scope to get more access to the Age Pension and by utilising the solution, it gives them a guaranteed income stream for life.

“Clients also get better access to the medical benefits as well so they can spend a certain amount of money in retirement with the knowledge and certainty that they’re not going to run out of money.”

Edwina Maloney, Group Executive, Platforms at AMP, said adviser feedback had been central to the development and evolution of MyNorth Lifetime.

“Advisers are telling us lifetime income can fundamentally change the retirement conversation, from whether clients can afford to spend, to how they can make the most of the years ahead.

“Having led the industry in the development of these new types of income solutions, we’ll continue to focus on giving advisers the flexibility, tools and support they need to turn retirement savings into reliable income and better client outcomes.”

Meaningful benefits

AMP’s lifetime income solutions help by:

• providing income for life, regardless of how long members live
• increasing retirement income through strong lifetime income rates, more favourable Age Pension treatment and greater confidence to draw down savings
• offering eligible AMP Super members a temporary income increase during periods of higher care needs, and
• providing support through both financial advice and tailored digital guidance.

MyNorth Lifetime was launched in September 2022, with analysis over 2025 showing it has been delivering an average 60 per cent uplift in retirement income, compared to non‑Lifetime members. The solution has won numerous industry awards, most recently Chant West’s Best Fund: Lifetime Product award.

AMP Super Lifetime Boost was launched in May 2025, followed by the launch of AMP Super Lifetime Pension in May 2026, providing AMP Super members access to the same lifetime income certainty and potential to increase their income in retirement.

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2016 FEIA Award winner, Peita Diamantidis

The record number of applications for the Female Excellence in Advice (FEIA) Award indicates that as more women enter the advice industry they are making a greater impact on their customers’ experiences.

A joint initiative by the Association of Financial Advisers (AFA) and Australia’s leading life insurance specialist, TAL, the FEIA Award celebrates women in financial advice who are making a significant contribution to their profession, their community and their clients.

42 female financial advisers applied for the 2017 FEIA Award, which is a 40% increase on last year. The majority of applicants own and run their own businesses under a dealer group.

Niall McConville, General Manager, Retail Distribution at TAL said the standard of applicants has remained consistently high since the Award was established in 2011.

“As one of the award judges, I’ve really enjoyed seeing the standard of entrants improve over time as female participation in the industry changes. While we still have a long way to go in our journey to reaching equal gender representation in the financial advice industry, it’s encouraging to see more female financial advisers come forward and promote their achievements, which can inspire others to follow their lead.”

The FEIA Award 2017 semi-finalists are:

• Amanda Pond, Financial Adviser/Lifestyle Money Coach, Puddle 2 Pond Financial
• Amie Wild, Director & Financial Adviser, Avanti Advisers
• Christina Cabrera, Founder, Wisdom of Wealth for Women
• Kath Orman, Senior Financial Planner, Goals & Dreams
• Katherine Hann, Financial Adviser & Practice Principal, Financial Wisdom
• Lea Schodel, Founder, Wellthy
• Nicole Heales, Principal Adviser & Broker, Nicole Heales Financial
• Sacha Burchgart, Founder/Managing Director, Burcheart
• Simone Richardson, Director, Tall Poppy Wealth
• Susan Morris, Financial Adviser, Northern Wealth Advisory Group
• Tracey Sofra, Principal Financial Planner, Sofcorp Financial Services

“We congratulate all of this year’s semi-finalists, who had phenomenal submissions. Their entries were clear standouts in terms of the successes they’ve had in running their businesses as well as the contributions they’ve made to the community,” said Mr McConville.

AFA CEO Phil Kewin said the award process is not just about winning; it is also about the tremendous value gained through the process, which is why TAL and the AFA introduced an additional feedback component to give unsuccessful award applicants advice on how they could improve their applications.

“Our aim is to make the overall award process a constructive and rewarding experience for everyone involved. One of the ways we can do this is by offering individual applicants additional feedback from one of the judges if they want it.

“We are excited to progress the semi-finalists to the next round of judging, which consists of in-depth interviews to help us determine the finalists,” he said.

The finalists for the FEIA Award will be announced in September 2017, with the winner announced at the AFA National Adviser Conference on October 11-13.

The Winner of the Award will receive a $15,000 tailored education package, courtesy of TAL. TAL and the AFA will work with the winner to tailor the package to the winner’s requirements in furthering their professional development.

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