AMP launches online services direct to the public
AMP is to deliver financial services via its website from next Friday, coinciding with the opening ceremony of the Olympics. The types of products AMP will distribute online via its AMP Direct service include banking, discount broking, superannuation, general and risk insurance products.
AMP, in addition to other fund managers and life insurers, has relied solely upon financial planners to sell its products in the past. While AMP does not expect to reduce the number of its advisers, the move to direct distribution will place pressure on those advisers who are doing little more than distributing product without advice.
The discount broking service offered via AMP Direct is supported by HP JDV Ltd and charges brokerage of $15.95 for trades up to a value of $15,000, $30 from $15,000 to $25,000 and 0.2% thereafter.