~ 9 in 10 Australians remain unadvised amid a “widening affordability gap”, with a disconnect between advice need and delivered service1.
~ Launching today, Grow offers a compelling way to meet a broader range of client needs on North by blending across menus – a market-first.
~ Suitable for clients who have simpler advice and investment needs.
North, the leading platform for super and retirement in Australia, is pleased to announce the launch of Grow, a new investment menu aimed at empowering advisers and their clients at every stage of their investment journey.
North’s new menu was launched in response to adviser feedback and is designed for clients who have simpler investment needs. Advisers will be able to blend across investment menus as advice needs change, a unique point of differentiation for North and clients on the menu will also have access to family fee aggregation.
Designed to help improve access to quality advice, Grow aims to help more Australians receive the guidance they need while enabling advice practices to expand their reach and service more clients.
Addressing key pain points for advice practices
While the proportion of Australians seeking professional advice has remained stable over the past four years, a widening affordability gap and rising delivery costs continue to stand in the way of most Australians receiving financial advice1.
The financial advice landscape is rapidly changing, with advisers facing increasing pressure to provide high-quality advice to a growing number of clients with unmet advice needs while also navigating increasing barriers to access, according to Adviser Ratings1.
Grow is designed to alleviate these challenges by offering a streamlined and cost-effective solution that caters to clients with simpler investment needs, as well as ensuring advisers can leverage the unique benefits of North by blending across menus and not being restricted to a single menu.
Grow allows advisers to focus on delivering personalised advice without the burden of account fees or complex administrative costs.
Meanwhile, clients on the new investment menu can also access our award-winning MyNorth Lifetime solution, unique to North, which delivers retirement income for life at no additional cost. This means advisers can add significant value to lower balance clients in the accumulation phase and engage them earlier on in their advice journey as their needs evolve and become more complex.
Supporting Adviser Growth and Efficiency
With North Grow, advisers can benefit from a range of features designed to enhance their practice's efficiency and effectiveness:
- Simplified Pricing: No account fees, no tiered administration fees, and simple investment fees, making it a cost-effective solution for clients.
- Flexibility: Grow easily caters to clients as their investment needs change, offering family fee aggregation for multi-generational households on North
- Mix and match: Clients can seamlessly mix their investments across North's Grow, Select, and Choice menus, with platform pricing blended accordingly.
- Focused Managed Portfolios: Curated portfolios that cater to a range of risk profiles, freeing up advisers' time to better serve their clients and grow their practice.
David Hutchison, General Manager of Managed Portfolios and Investments, AMP said:
"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.
“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. 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.”
“We recognise that amid the rising cost of living, many Australians aren’t getting advice for the things that matter, despite the lasting impact and benefits of an ongoing advice relationship.
Gai Ferrington, General Manager of Product and Pricing, AMP said:
“North is committed to supporting advisers in their mission to provide quality advice to all Australians at every stage of their investment journey.
“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.”
How Grow compares to other menus on North when investing in Managed Portfolios
