AMP’s digital revamp helps to slow rate of | Australian Markets

The latest quarterly outcomes from AMP Limited has confirmed that the rate of internet money outflows reported by its Superannuation & Investments arm has slowed significantly, due to its reworked superannuation offering together with a newly-introduced digital advice resolution.

According to a assertion made to the Australian Securities Exchange (ASX), AMP’s Superannuation & Investments business recorded $108 million in outflows for Q1 2025, a important enchancment of over $263 million from the primary quarter of 2024 when the unit noticed $371 million in outflows.

AMP chief govt, Alexis George, stated improved consequence was due to the business’ “ongoing focus on delivering a compelling proposition to members”.

“Cashflows for the Superannuation & Investments business continued to progress towards positive flows with another quarter of reduced outflows,” she stated.

“This has been driven by our solid offer for AMP super through low fees, strong investment performance and a competitive insurance offer helping to drive retention. Our recently launched digital advice solution for AMP Super members is providing simple, intuitive retirement advice at no extra cost.”

The digital advice offering follows the announcement made final 12 months that AMP Limited was promoting its advice licensee companies to a partnership between skilled companies group, AZ NGA, and financial advice group, Entireti. The sale was accomplished on the finish of 2024, with the new three way partnership rebranded as Akumin.

AMP’s quarterly outcomes additionally confirmed that internet cashflows reported by its Platforms arm had risen by more than thrice to $740 million (from $201 million in Q1 2024), following important growth of its investment menu together with its managed accounts vary and retirement income choices. However, its platforms belongings underneath management (AUM) has been rocked by risky market situations, falling by one per cent quarter-on-quarter to $78.8 billion.

“We have seen the positive momentum in cashflows across our Platforms business continue with another strong quarter, which reflects our focus on making North a preferred platform for advisers,” George stated.

“Significant volatility in investment markets impacted whole AUM, nevertheless, we’re not permitting ourselves to be distracted by the market instability and we stay targeted on elivering for purchasers. We are persevering with to introduce new options, performance and assist for North that helps advisers higher service their shoppers – and we’re seeing adviser numbers proceed to grow.

“Last month we launched an progressive AI assistant, designed to scale back handbook admin to improve consumer relationships and adviser effectivity. Encouragingly, shoppers in our progressive MyNorth Lifetime product now maintain $510 million on the platform.

“We continue to deliver on our vision, to be the place where people come to plan for the next phase of their lives, with innovative products and solutions that help Australians retire with confidence. We are doing this by supporting advisers, delivering value to our superannuation members, and executing on our new digital bank, all of which will drive AMP’s growth.”