AMP has launched a new goals-modelling engine that gives customers clarity on how the choices they make today impact their ability to achieve goals over time.
The purpose-built stochastic modelling, developed with analytics and technology firm Milliman, factors in economic and market conditions to generate advice strategies to provide customers a projected achievability of their goals.
Tailored cash flow, debt, wealth protection and other wealth management advice strategies are generated in real time.
AMP’s group executive wealth solutions & chief customer officer, Paul Sainsbury, said that the launch of the modelling engine is a “landmark moment” for the financial advice industry and the latest step in AMP’s transformation of the goals-based advice experience.
“The engine is the culmination of a multi-year investment program to build AMP’s advice capability of the future,” the executive said.
“We’ve custom-built the engine around goals because we know that when delivered well, goals-based advice transforms the lives of our customers.
“The engine now forms an integral part of AMP’s Goals 360 — a contemporary advice experience for advisers and their customers.”
Mr Sainsbury said that the engine demonstrates to customers in a visual way how the choices they make today impact their ability to achieve their goals over time.
“For advisers, it supports richer conversations and helps build stronger relationships with their clients. The engine also creates a more efficient process for advisers, reducing their cost to serve and allowing for ease of compliance.”
The platform is being progressively rolled out to the AMP Advice network from this week.