North, one of Australia’s leading wrap investment platforms, has announced it is lowering the maximum administration fees charged for a MyNorth Investment account to $2,000 per annum, as it continues its push into the IFA adviser market.

The new cap, reduced by $400 per annum, applies to individual clients who hold only MyNorth Investment accounts; with administration fees for clients who also hold a MyNorth Super or MyNorth Pension account capped at $2,400 per annum^[1].

The reduced fee cap, for both new and existing clients, takes effect from 1 July 2022, and reflects North’s commitment to offering clients and advisers highly competitive fees.

Fees for MyNorth products offer clients flexibility, as they only pay for the options they choose from the Core, Select and Choice investment menus. They can also take advantage of lower administration fees as their total portfolio balance grows.

In addition, clients can group together with up to six family members and benefit from family fee aggregation and capping, with up to six accounts each.

AMP Australia Director of Platforms Edwina Maloney, said:

“These most recent fee cuts demonstrate our commitment to ensuring North is one of the most price competitive wrap platforms on the market.

“The reductions are also part of our ongoing investment in North as we expand our footprint in the IFA market.

“This includes building and enhancing North’s investment menu, which includes an expanding range of managed portfolios and retirement solutions.

“We’re also investing in the technology and functionality which helps advisers most effectively and efficiently manage the evolving investment needs of their clients. This includes the recent launch of the North client app.

“Advisers and clients can expect continual improvements to North as we aim to make it the leading platform proposition in the market.”

_{[1] Including any applicable account fees.}