AMP has launched a goals modelling engine it will be providing to its advisers to show clients how their choices may impact the ability to achieve their goals over time.
The engine will be part of AMP’s Goals 360 initiative that is being delivered through AMP Advice practitioners, and will use purpose-built stochastic modelling to generate advice strategies that can in turn provide a projection on how achievable the goals of clients might be.
AMP stated the engine can create strategies around managing cashflow, debt, wealth management and wealth protection in real time and presented in a digital, user-friendly format.
AMP Group Executive Wealth Solutions & Chief Customer Officer, Paul Sainsbury said the engine was the result of a multi-year investment program to build an advice capability for the future based around goals-based advice.
“We’ve custom built the engine around goals because we know that when delivered well, goals-based advice transforms the lives of our customers,” Sainsbury said.
“Underpinned by the latest in financial modelling capability, the engine demonstrates to customers in a visual and engaging way how the choices they make today impact the ability to achieve their goals over time,” he added.
“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,” Sainsbury said.
