AMP partners with fintech to meet rising estate planning demand

AMP Advice has announced a partnership with fintech Yodal to provide financial advice practices access to a comprehensive estate planning service.

AMP said providing access to the service forms an essential part of its client solutions value proposition aimed at assisting advice practices to grow their businesses and respond to the increasing demand for estate planning.

Practices in AMP’s network can now elect to incorporate the service, including Yodal’s practice-branded workflow solution, as part of their package.

The end-to-end estate planning service includes comprehensive training, an advice toolkit, practice marketing, re-use of Xplan data, and access to the Yodal solution.

Group executive for AMP Advice, Matt Lawler, said the company is thrilled to be launching this new offering and the growth opportunities it will help facilitate for advisers.

“We are excited to introduce estate planning as a key component of our services offering for the advice network, helping more of our advisers nurture and grow their business,” Mr Lawler said.

“Estate planning is a top priority for our practices and we are focused on helping our advisers [in] realising their growth ambitions and enriching the services they provide.

“By aligning with the evolving priorities of advisers and clients, AMP continues to drive innovation and growth in its advice business.”

As demand for estate planning services increases, Mr Lawler said that access to efficient solutions becomes increasingly necessary to secure the wealth transfer to the next generation.

“With nine million Australians heading into retirement over the next 40 years, our partnership with Yodal will allow us to empower more advisers with the tools and resources needed to navigate this complex landscape efficiently,” he said.

Executive director of The Demographics Group, Bernard Salt, added that the current generation of retirees represents the “greatest demographic aggregation of Australians in the non-work stage of the life cycle”.

“The scale of these demographic factors today, let alone in the decade ahead, will shape the way we manage the transfer of wealth from the older to the younger generations,” Mr Salt said.

“Managing wealth later in life requires thoughtful application as well as expertise, prompting the need for a focus on estate planning by retirees (and others) across Australia.”

Yodal chief executive Brandon Thompson said estate planning represents a significant servicing opportunity for financial services professionals.

“We’re delighted to be partnering with AMP and helping more practices ensure that their clients’ wealth is transferred in accordance with their wishes, and their legacy and loved ones are protected,” Mr Thompson said.

“With an unwavering commitment to supporting our partners and their customers, Yodal leverages simple, secure, market-leading technology to deliver a full end-to-end estate planning solution including mandatory legal review by your chosen or preferred lawyer on every matter.”