Retirement
North introduces Grow to expand Australia's financial advice footprint
Retirement
North introduces Grow to expand Australia's financial advice footprint
In a bid to bridge the gap between the demand for financial advice and its accessibility, North, a prominent platform for superannuation and retirement in Australia, has launched an innovative investment menu named "Grow." With nine out of ten Australians currently without professional financial advice, North aims to address this "widening affordability gap" by offering a service that caters to clients with simpler investment needs.
North introduces Grow to expand Australia's financial advice footprint
In a bid to bridge the gap between the demand for financial advice and its accessibility, North, a prominent platform for superannuation and retirement in Australia, has launched an innovative investment menu named "Grow." With nine out of ten Australians currently without professional financial advice, North aims to address this "widening affordability gap" by offering a service that caters to clients with simpler investment needs.
The Grow menu, unveiled today, is designed to empower financial advisers and their clients by providing a flexible and cost-effective solution that adapts to changing investment needs. This initiative seeks to improve access to quality financial advice and enable advice practices to extend their services to a broader audience.
David Hutchison, General Manager of Managed Portfolios and Investments at AMP, emphasised the challenges currently facing the financial advice sector. "Advice practices large and small face a real challenge in efficiently meeting the needs of everyday Australians in a cost-effective way, some of whom are earlier on in their accumulation journey or who have not sought advice previously," he said. Hutchison highlighted the importance of the new offering, stating, "By offering a simplified pricing structure and unique managed portfolios, North Grow makes it easier for advisers to provide quality advice to clients who may have been previously under-served."
The introduction of Grow comes at a time when the financial advice landscape is rapidly evolving. According to Adviser Ratings, while the proportion of Australians seeking professional advice has remained stable over the past four years, the rising costs of delivering such advice have created significant barriers. Grow aims to alleviate these challenges by offering a streamlined solution that caters to clients with simpler investment needs, allowing advisers to blend across investment menus without being restricted to a single option.
Gai Ferrington, General Manager of Product and Pricing at AMP, reiterated North's commitment to supporting advisers in their mission to provide quality advice. "North is committed to supporting advisers in their mission to provide quality advice to all Australians at every stage of their investment journey," Ferrington said. "The launch of North Grow is testament to this commitment, offering a valuable new investment menu that helps advisers meet the diverse needs of their clients while maintaining the highest standards of service."
Grow offers several features designed to enhance the efficiency and effectiveness of financial advisers. These include simplified pricing with no account fees or tiered administration fees, making it a cost-effective solution for clients. Additionally, Grow provides flexibility by allowing advisers to mix and match investments across North's Grow, Select, and Choice menus, with platform pricing blended accordingly. This feature is particularly beneficial for multi-generational households, as it offers family fee aggregation.
The new investment menu also includes focused managed portfolios that cater to a range of risk profiles. This allows advisers to free up their time to better serve clients and grow their practice. Hutchison noted, "This initiative is an exciting step towards ensuring that more Australians have access to the financial guidance they need to achieve their investment goals – all without the traditional account fees."
Moreover, clients on the Grow menu can access North's award-winning MyNorth Lifetime solution, which delivers retirement income for life at no additional cost. This feature enables advisers to add significant value to lower balance clients in the accumulation phase and engage them earlier in their advice journey as their needs evolve and become more complex.
The launch of Grow signifies a strategic move by North to address the key pain points faced by advice practices. As the financial advice sector continues to navigate increasing pressure to deliver high-quality advice, initiatives like Grow are crucial in ensuring that more Australians receive the financial guidance they need.
In summary, North's introduction of the Grow menu represents a significant advancement in making financial advice more accessible and affordable for Australians. By offering a flexible, cost-effective, and comprehensive solution, North aims to empower both advisers and clients, ultimately expanding the reach of financial advice across the nation.
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