AMP has launched a new fee calculator allowing advisers and clients to produce fee calculations for its MyNorth wrap platform.

Through a simple web-based calculator, advisers and clients can plug in how much they intend to invest in either their super and pension account, or investment account, and the calculator provides an instant annual total platform fee summary.

AMP’s Managing Director Wealth Products & Platforms, Rod Finch said:

“The platform market has become increasingly competitive, with fee reductions seen across the industry.

“This is great news for clients and advisers, who we’d encourage to regularly review their platform fees against what’s currently available in the market, including MyNorth, where fees were significantly reduced earlier this year.

“The new fee calculator makes assessing MyNorth’s fees simple and transparent.

“We expect to launch a new version of the fee calculator next month, which will provide more detailed fee breakdowns. Other administrative, design and efficiency enhancements for MyNorth are also scheduled for later in the year.”

AMP reduced fees for more than 87,000 MyNorth clients and families earlier this year, and strengthened the platform’s investment capability with new managed portfolio offers.

MyNorth’s Advantage Fund range also recently passed $2 billion in assets under management in less than two years since launching.

The new web-based calculator is available here http://www.mynorthfees.com.au/