North - Advantage Replacement Funds (Wealthsolver & IPS) – NEW 21/01/2021

We have identified the following issues relating to the Advantage Replacement Funds:

1. Replacement funds are not available in Wealthsolver.
2. Fund details such as unit pricing and asset allocation are missing or incomplete in IPS.
   This can impact the portfolio balance in IPS holding these funds.

Iress are in the process of adding these funds into Wealthsolver without the pricing and performance data. This will allow advisers to run comparisons on these funds.
 

Iress will update the remaining fund details in the future and work with the individual fund managers to have IPS data updated, however no date has been finalised as to when this will be completed.
 

We apologise for any inconvenience

MyNorth Guarantee Redesign –  30/11/2020

To support the new MyNorth Guarantees, a reference guide has been made available to provide an

overview of the steps users need to take in XPLAN, to include guarantee fees in the projections

when creating a XTOOLS+ CALM scenario.

You can access the guide on Portal > Standards > QAFs & Standards > Advising on guaranteed products – specifically North and MyNorth guarantees > Tools and resources or Adviser IQ > Standards A-Z list > Advising on guaranteed products - North & MyNorth guarantees > Tools and templates.

AMP Model Portfolio’s Update – 24/11/2020

Xplan has been updated with the latest model portfolios changes, for details please refer to:
portal > Research > Investment Research > Research Updates.

Life Insurance APL update –  02/11/2020

In response to insurance sector changes AMP undertook a rigorous review and tender process to ensure the panel remained competitive. There is now a common APL across all licensees.
The panel consists of five market-leading providers with six product choices.
 

Please refer to FAQ’s about the changes located at: Portal > Research > Insurance Research > Life Insurance updates or Adviser IQ > Tapin and Research > Research > Insurance Research
 

You can access the new updated APL at: Portal > Research > Insurance Research > Approved Product Lists or Adviser IQ > Tapin and Research > Research > Approved Product List

North Datafeed issue - 07/10/2020

The issue affecting North fee rebate transactions was fixed for new transactions from 24/08/2020.  Historical transactions prior to this date were not covered in the fix.

This means that fee rebate transactions prior to 24/08/2020 are being applied as units against the North managed fund asset as well as income on the cash account. 

AMP are currently investigating a solution to apply a fix for the historical transactions.

In the meantime we recommend you obtain portfolio balances and reports via North Online

We apologise for any inconvenience

Advantage Funds Model Portfolios - 17/09/2020

Given the closure and downgrade of the Advantage Funds, the Advantage Funds models cannot be used for new clients. Advisers may consider using the wholesale fund models to manage new clients’ assets as an alternative.
 

For clients who currently use the Advantage Funds models to manage investments, advisers should read the Product update – Advantage funds along with other product and advice communications when considering the appropriate action for your clients. You can access the product update on portal > Research > Investment Research > Research Updates.

XPLAN Coronavirus Response 05/05/2020

The government have introduced a number of changes to cushion the economic impact of the coronavirus. We have identified the following changes as having an impact on Xtools projections:

1. Coronavirus Supplement
2. Economic Support Payment
3. 50% reduction in minimum payments for account based pensions and term allocated pensions
4. Further reduced deeming rates
5. Early access to superannuation

Legislative Rates have been updated to reflect items 3 and 4 above:

• The usual minimum payments for account based pensions and term allocated pensions will be halved for projection periods within the 2019/20 and 2020/21 financial years.
• The further reduction of deeming rates, to 0.25% (lower rate) and 2.25% (upper rate) will be incorporated into projections from 1 May 2020.
  • This means CALM/Xtools+ projections commencing on 1 July 19 will use the former deeming rates ( 1% lower rate and 3% upper rate) for the first year, unless the scenario contains a Key Date on or after 1 May 20, in which case the new deeming rate will be reflected in the second partial period for 2019/20.
  • Projections with a start date of 1 May 20 or later will use the new deeming rates

IRESS will publish a separate guide on how to accommodate changes 1,2 and 5 in CALM/Xtools+ projections please refer to IRESS community for more details.

​FDS Data Announcement

The fee data provided is for reference only. AMP has detected issues with the accuracy of some of the FDS data provided. Invoices created in the Salesforce Invoicing and Payments system, for ongoing service agreements, may be missing from your FDS data in Portal, COIN or Xplan 

You must check the amounts provided for accuracy against the original product information and with the relevant product manufacturers. You are responsible for preparing your FDS under the Corporations Act 2001 and you must be satisfied with the accuracy of the data contained in your FDS.