Vicki Doyle

AMP is introducing lower fee caps and a simplified fee structure for its market-leading investment wrap platform, MyNorth.

The changes, which take effect from 12 August 2017, will reduce costs and provide greater fee flexibility and transparency for new and existing customers and their families.

Under the new structure an individual customer’s combined portfolio value will be used to determine their administration fee, with their total fee capped at $3,500 per annum. The reduced fee covers individual and joint accounts, SMSFs, trusts, and company accounts, of which the individual is a trustee, beneficiary or director.

In addition, up to four family members, with as many as six accounts each, can be grouped to determine their total portfolio value and administration fee, which will be capped at $4,500 per annum. Family members include spouses, de facto partners, parents, children, siblings, grandparents and grandchildren of the primary account holder.

“We will continue to invest in the award winning MyNorth platform to ensure it provides customers and advisers with a contemporary, simple and cost efficient way of managing a broad suite of investments and investment strategies,” commented Vicki Doyle AMP’s Director, Superannuation, Retirement & Investments.

“We want to work with advisers to help customers and families achieve their goals and these reduced fees and increased flexibility are designed with this in mind,” said Ms Doyle.

The changes follow enhancements to MyNorth announced in May this year, including the removal of platform administration and investment fees on the North cash account and new reporting functionality.

MyNorth was earlier this year awarded 2017 Advised Product of the Year at Chant West’s super funds awards.

MyNorth is part of AMP’s North platform, which recently passed $30 billion in assets under management.

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Vick

AMP has announced enhancements to its market-leading North wrap platform, continuing to make it easier and more efficient for advisers to support customers in achieving their financial goals.

North recently passed A$30 billion in funds under management, making it one of the fastest growing platforms in Australia. MyNorth, part of the North platform, was also last week awarded 2017 Advised Product of the Year at Chant West’s super funds awards.

The enhancements to North include:

• Simplified pricing with the removal of platform administration and investment fees on the North cash account
• Improved adviser reporting via North Online, allowing for greater control and more efficient client reviews, including a simpler layout, new account / investment level rates of return, benchmark comparisons and easier access to fund profiles, and
• Providing customers with more optionality with how they receive correspondence.

“We continue to invest in strengthening the capabilities of North – which is increasingly the platform of choice for advisers and their customers,” commented Vicki Doyle, AMP’s Director, Superannuation, Retirement & Investments.

“Chant West’s decision to award MyNorth the Advised Product of the Year reflects the quality of the platform and our commitment to providing contemporary solutions which deliver efficiency and flexibility for advisers,” said Ms Doyle.

The Chant West award recognises MyNorth’s:

• Flexible pricing which meets the needs of customers across accumulation and retirement, and allows customers to pay for what they use
• Online functionality supporting adviser efficiency, including an account snapshot, business reporting and bulk trading
• New account performance reporting for both advisers and customers, and
• Access to AMP’s new MyNorth Retirement Fund and Pension Payment Calculator.

The North platform is part of AMP’s range of industry-leading platform and product solutions across retail, self-managed and workplace superannuation.

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Vicki Doyle

AMP’s wrap platform MyNorth has celebrated turning one by further enhancing user experience for advisers and their clients.

Since its launch last year, MyNorth has been one of Australia’s fastest growing superannuation and investment platforms, with $6.7 billion in funds under management.

With the enhancements to the platform advisers can now manage multiple client activities simultaneously and have more choice in estate planning, allowing them to provide customers access to a full range of options when nominating account beneficiaries online.

Advisers also have greater flexibility when completing partial transfers online.

Customers have access to enhanced client reports, statements and account summaries, and can integrate their information with MyAMP to provide a complete and easily accessible view of their financial circumstances.

AMP Director Superannuation Retirement and Investments, Vicki Doyle, said the enhancements create a more efficient experience for both advisers and customers.

“We’re focussed on making improvements to the things that matter to advisers, allowing them to spend more time with their clients, helping them achieve their financial goals,” Ms Doyle said.

The enhancements follow the recent launch of the MyNorth Pension payment planner which combines a pension payment calculator with a retiree-specific investment fund to provide retirees with greater confidence about their spending.

AMP’s MyNorth and North platforms have a combined $27.2 billion in funds under management.

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What makes Australians happy?

Humour, financial security and leisure time are what make Australians truly happy according to new research released last Friday by AMP.

AMP’s Happiness Survey revealed we are a nation of happy people with our retirees leading the charge. Seventy-nine per cent of retirees said they were happy with their lives and the majority of respondents (68 per cent) described themselves as “thriving”.

However the numbers dropped away when looking to the future.

When asked how happy they think they might feel in five years from now, the thriving score dipped to 62 per cent. However, the most dramatic drop was among retirees with 51 percent indicating they were most pessimistic about what lies ahead.

Drivers of happiness have changed little over the past 80 years. Respondents of a similar study carried out in 1938 cited economic security and knowledge as the most important aspects of happiness.

AMP Director, Superannuation, Retirement and Investments, Vicki Doyle said it was unsurprising to see economic security still featured as a major driver of happiness nearly 80 years later.

“The survey findings suggest a link between money and happiness levels,” she said. “Having a solid foundation in place is important but it’s not just about how much you have, but also how informed and confident you are with your choices.

“Being actively engaged with your finances and having a plan in place can go a long way towards achieving economic security.”

AMP’s Happiness Survey also found:

• 71 per cent of surveyed respondents stated they were either “satisfied” or “slightly satisfied” with their life
• Around one third of respondents say they are happy every day and three quarters (77 per cent) happy at least several times a week
• Money in the bank leads to better life satisfaction. Those with an income greater than$250,000 are 14 per cent happier than those with an income of $80-99,000 (78 per cent versus 64 per cent).

Ms Doyle said Australians could improve their level of optimism by mapping out their goals.

“Having and setting goals is a great motivator and gives people more satisfaction and happiness,” she said. “Whether your goals are financial, relationship, or health related, getting your goals clear and putting them in writing makes them more likely to be achieved!”

Combining digital interaction with personalised expert help, the AMP Goals 360 experience helps Australians to explore, plan, track and most importantly realise their goals.

About the research

Survey respondents of the AMP Happiness Survey consisted of an online community of over 1,040existing AMP customers.

Happiness was measured in the following three ways:

Bolton Study 10 Aspects of Happiness Measures

In 1938, an advert was placed in the Bolton News in the UK asking readers to define happiness. One of the measures utilises a series of 10 attributes: action, beauty, equality, good humour, knowledge, leadership, leisure, politics, religion and security. This survey was re-created in Bolton in 2014.

AMP Capital Investments (ACI) Happiness index

AMP Capital recently published a paper called The Science of Happiness which includes an approach to measuring happiness. It takes five questions and uses the answers to quantify how satisfied people are with their lives. It is based on the Satisfaction with Life scale developed by Ed Diener, Robert Emmons, Randy Larsen and Sharon Griffin in the 1985 Journal of Personality Assessment.

Cantril Ladder

The UN has developed the World Happiness Report run by Gallup which utilises a Cantril ladder to measure the degree of happiness people feel now and where they think they will be on the ladder in 5 years’ time.

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AMP releases a snapshot of Australia’s financial wellness.

Financial stress is now a fact of life for more than one in four Australian workers who say they have low confidence in their financial position and find it difficult to make ends meet.

New research, undertaken by AMP for its 2016 Financial Wellness report, revealed Australians’ confidence in their finances continued to decrease in the past two years from 54 per cent of people confident in 2014 compared to 48 per cent in 2016. Lower confidence is despite an increase in disposable cash held by Australians, rising 6.3 per cent over the past two years.

Vicki Doyle, Director Corporate Superannuation, AMP commented on the impact of financial stress on individuals in the workplace and business productivity.

“Financial stress is a common occurrence in the Australian workforce, with more than 2.8 million employees, representing one in four workers, under financial stress in 2016.

“People who experience financial stress are more likely to be unable to work due to stressrelated sickness, which can affect their health and morale in addition to lowering workplace productivity – at an estimated cost of $47 billion in lost annual revenue for employers.

“It’s important we find ways to address levels of financial stress in the workplace. We know the real difference financial goals can make in preventing and overcoming financial stress. Australians who have clearly defined goals are much more likely to be financially secure,” she said.

Impact on productivity

The research shows financially stressed employees lose on average 6.9 hours of productive work per week and, on average, are absent 1.3 hours per week due to stress-related sickness.

Financial stress is highest among workers in accommodation and food services, with 35 per cent of people financially stressed. Employees are also at high risk of financial stress in healthcare and social assistance (32%), and administrative services (31%).

“In addition to the personal impact of financial stress, we’re also seeing a significant impact on business owners and operators through lost productivity and employee absenteeism, which is particularly high in the hospitality and healthcare industries,” Ms Doyle said.

Importance of goal setting

While the majority of people, at around 80 per cent of the workforce, already have financial goals in-mind, only 18 per cent of these people have a defined plan to achieve their goals.

“Employers can help their employees to bring clarity and shape to their financial goals by supporting financial wellness in the workplace. If employees have well-defined goals and a plan to achieve them, they are less likely to experience financial stress, helping them to be more productive,” Ms Doyle said.

Additional findings

• Australians say common triggers for their financial stress are bad debt (50% of stressed workers), the need to save for retirement (35%) and providing for their family (34%). Missing bills and making mortgage repayments also contribute to higher levels of financial stress for 32 and 22 per cent of stressed employees, respectively.
• Brisbane is the most financially stressed city, with 30 per cent of workers in this region experiencing financial stress. This is followed by Adelaide (25%), Perth (23%), Sydney (20%) and Melbourne (19%). Darwin and Hobart are the least financially stressed at 18 and 16 per cent, respectively.
• Financial stress is highest in the accommodation and food services industry, with 35 per cent of employees stressed. This is followed by healthcare and social services (32%) and administration and support services (31%). Twenty-six per cent of employees in retail jobs say they are financially stressed.
• The number of employees experiencing financial stress in the mining industry has significantly increased over the past two years, almost tripling from 9 per cent in 2014 to 26 per cent in 2016.
• Females are more likely to experience financial stress with 30 per cent stating this is the case, compared to 19 per cent of males.
• Single-parent families are at higher risk of experiencing financial stress (36%) compared to dual-parent households (21%).
• Casual workers are more than twice as likely to experience financial stress compared to full-time or part time workers. Fifty-four per cent of casual workers are financially stressed compared to 22 and 27 per cent of full time and part time workers, respectively.
• Low income is strongly correlated with financial stress with 34 per cent of people earning less than $50,000 p.a. under stress. However, the incidence of financial stress for highincome earners, earning $150,000 and above, is increasing with 16 per cent stating they are under financial stress compared with only 8 per cent in 2014.
• Retirement is a trigger of financial stress, especially among employees aged 50 years and above. Concerns about retirement is the main cause of financial stress for one in five financially-stressed employees aged 50-59 and almost a third of employees aged 60 or above.

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Ms Doyle will be responsible for strategy, business growth and retention while continuing to drive advocacy through corporate super’s critical customer, employer and financial adviser relationships.

Ms Doyle brings to the role significant experience in financial services, most recently at BT Financial Group where she was Head of Retail and Corporate Superannuation.

“Vicki has an impressive background with 15 years’ success in senior leadership experience across superannuation, retail banking, life insurance and wealth management.

“Appointing someone of Vicki’s calibre is further evidence that corporate super is core to AMP’s business.

“Most of AMP’s customers commence their relationship with AMP through corporate super.  Vicki’s expertise will further elevate our strong customer proposition as we continue to drive high levels of engagement that help our customers lead the lives they want to lead in retirement”, Mr Caprioli said.

Ms Doyle holds an Executive MBA from the Australian Graduate School of Management and a Diploma from the Australian Institute of Company Directors and has extensive Trustee experience, including as an Executive Director on the Suncorp Portfolio Services Trustee Board.

Ms Doyle’s appointment is effective 23 March 2015.

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The appointment is part of BTFG’s strategy to maximise the super opportunity and capture the lion’s share of the $1.3 trillion super industry.

“Superannuation has been called-out as core to the Westpac Group’s strategy, given its critical importance in helping Australian’s prepare for a better retirement and the expected growth in the industry,” general manager of superannuation Deanne Stewart said.

The super opportunity is a must-win category for our business and a key part of this is delivering to customers in the early accumulation stage through Retail and Corporate Super.”

Ms Doyle will be responsible for the development and the management of business strategy, product, marketing and distribution strategy to help grow funds under management and market share.

“Vicki has a depth of experience in super and will be a strong member of BTFG’s leadership team which is focussing on servicing the needs of more Australians,” Ms Stewart added.

Doyle will join BTFG in early 2013 from Suncorp where her most recent role was executive general manager, direct customers.

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