AMP Advice to support practice growth with new Estate Planning Service
Practices in AMP’s network can now elect to incorporate the service, including Yodal’s practice-branded workflow solution, as part of their tailored package of professional services for their clients.
The innovative, end-to-end service comprises initial and ongoing training, together with an advice toolkit, practice marketing, re-use of Xplan data as well as access to the Yodal solution.
Launched at Advice LIVE, the Estate Planning Service forms a core part of AMP Advice’s client solutions value proposition in assisting more advice practices to grow their business, increase their revenue and respond to burgeoning client demand for estate planning.
Preparing for Australia’s great intergenerational wealth transfer
According to research by The Demographics Group, Australia is one of the richest nations in both absolute and GDP per-capita terms, having grown its GDP per capita from $17,000 to more than $63,000 in the space of 30 years1.
Changing attitudes towards wealth means Australian wealth is no longer solely tied up in the family home, with the proportion of dwellings owned or mortgaged in Australia declining from 73% to 63% over the last 60 years2.
The annual value of intergenerational wealth transfer has more than doubled since 2002 and could rise four-fold in real terms between now and 2050, as household wealth grows and the population ages3.
However, two out of three Australian adults still do not have a valid or current will and an estimated 70% of household wealth is forecast to be lost in the next generation due to a lack of adequate estate planning and
advice4.
Streamlining the estate planning service
By partnering with Yodal, AMP is equipping practices with a market-leading solution that helps practices manage intergenerational wealth transfers with ease and plan for client succession.
The service also provides practices with an ability to get dedicated legal support, ensuring they are prepared, confident, and can provide the best service to their clients when facilitating estate planning.
The introduction of the Estate Planning Service is part of AMP Advice’s strategic initiative to provide comprehensive and value-added services, enhancing the capabilities of its financial advice network.
Matt Lawler, Group Executive, Advice, AMP said:
“We are excited to introduce estate planning as a key component of our services offering for the Advice network, helping more of our advisers nurture and grow their business.
“Estate planning is a top priority for our practices and we are focused on helping our advisers realising their growth ambitions and enriching the services they provide.
“By aligning with the evolving priorities of advisers and clients, AMP continues to drive innovation and growth in its Advice business.
“With nine million Australians heading into retirement over the next forty years, our partnership with Yodal will allow us to empower more advisers with the tools and resources needed to navigate this complex landscape efficiently.
“This initiative aligns seamlessly with our overarching vision to solidify our position as Australia's leading professional services provider by delivering unparalleled value to our practices and their clients."
Bernard Salt, Executive Director, The Demographics Group, said:
“Often described as the ‘lucky country’, Australians are bound together by a culture of aspiration, by access to opportunity, and by the relentless pursuit of a good quality of life.
“The last 100 years have seen significant changes in our attitudes to wealth. The current generation of retirees represents the greatest demographic aggregation of Australians in the non-work stage of the lifecycle.
“The scale of these demographic factors today let alone in the decade ahead will shape the way we manage the transfer of wealth from the older to the younger generations.
“Managing wealth later in life requires thoughtful application as well as expertise, prompting the need for a focus on estate planning by retirees (and others) across Australia.”
Brandon Thompson, Chief Executive Officer, Yodal said:
“Estate planning represents a significant commercial and client servicing opportunity for financial services professionals.
“We’re delighted to be partnering with AMP and helping more practices ensure that their clients’ wealth is transferred in accordance with their wishes, and their legacy and loved ones are protected.
“With an unwavering commitment to supporting our partners and their customers, Yodal leverages simple, secure, market-leading technology to deliver a full end-to-end estate planning solution including mandatory legal review by your chosen or preferred lawyer on every matter.”
1. Australia now ranked 10th in GDP per capita (in USD) according to The Demographics Group. Source: International Monetary Fund, October 2023. 2. Source: The Demographics Group’s analysis, ABS Censuses 1911-2021. 3. Source: Wealth transfers and their economic effects (p28). Australian Government Productivity Commission, 7 December 2021. 4. Source: AMP Advice, Inheritance statistics Australia – Finder.com.au
