Australian financial services firm AMP has consolidated its retail wealth management products on its North platform to cut down on administration for advisers.
The North platform will use DST Bluedoor technology to develop a single web portal for all of AMP’s retail platform products.
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The wealth management products consolidated into North platform includes AMP’s iAccess, Generations and Summit products and involved the transition of US$14 billion of funds under advice and 131,000 customers.
Martin Spedding, executive director of DST Bluedoor, said: "Advisers are now able to access all retail platform products for a single platform, making their lives substantially easier, and AMP has been able to significantly cut its software and administrative processing costs and streamline its operations.
"The wrap platform’s attractive features, as well as real-time, straight-through processing, have helped to spur on incredible growth for the North platform."
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