This post originally appeared in Financial Standard.
AMP’s North wrap platform has introduced a feature that enables financial advisers to select investments by entering a client’s target portfolio weightings.
The investment switch functionality is designed to better align with how advisers construct their advice documentation. It’s fully integrated with North’s Record of Advice feature, which calculates proposed fees, taxes, and impact on clients’ target risk profiles.
Advisers can also track the progress of trades and receive estimated completion dates for switches.
As of February 28, North’s managed portfolios have surpassed $14 billion, growing 66% year-over-year.
Its retail menu includes 112 portfolios from 19 investment managers, this includes the addition of a new Australian diversified fixed interest portfolio from Real Asset Management in December last year.
AMP group executive, platforms Edwina Maloney said that the group’s investment and development program for North is targeting areas that enable advisers to efficiently provide high-quality advice to their clients.
“This includes the ongoing expansion of our managed portfolio offer as we look to partner with more advice practices to create tailored portfolios for their clients,” she said.
“Likewise, a flexible cash account is important to advisers in implementing efficient and cost-effective investments, as is switch functionality, which makes it easy for advisers to manage and execute trades.”
North’s cash account has been designed to provide advisers with control in how they invest client funds, including the ability to set minimum and target cash amounts, the flexibility to go into negative balance, together with same-day trading and portfolio re-balancing facilities, AMP added.