AMP yesterday launched an online sign-up function for its KiwiSaver scheme. It follows the launch of Quick Start Life a few weeks ago, which allows customers to buy up to $100,000 of life cover online.

Ruscoe said the online sign-up process was designed to make it easier for customers to join and manage their KiwiSaver accounts.

“It’s a well-documented fact that Kiwis need to be better prepared for their retirement.  By offering customers the ability to join a market-leading KiwiSaver scheme online and offering options such as the automatically adjusting Lifesteps investment programme, we want to make it as easy as possible for AMP customers to focus on what they want their retirement to be,” he said.

“Kiwis joining the AMP KiwiSaver Scheme understand that retiring on New Zealand Superannuation is not their only option and that maximising retirement savings is paramount to helping Kiwis live the retirement lifestyle they want.”

Ruscoe said online sign-up was a way to take down a hurdle that might get in the way of New Zealanders’ preparation for retirement.

“It takes away another reason for not doing it. People can get on with managing their retirement savings.”

He said the response to Quick Start had been good and KiwiSaver lent itself to online sign-ups. “We’ve already got a leading online portal for people to manage their KiwiSaver accounts.”

Ruscoe said advisers would be encouraged to use the online tool. They would still get commission if their clients signed up via the website and could attach their adviser number to new applications. 

Ruscoe said it was not AMP’s intention to sidestep advisers. “New Zealanders need as much advice as they can get.”

He said it was a big opportunity for advisers, who could then continue the conversation about retirement savings with their clients. “There’s less paperwork to fill out.”

Advisers could also set up an email to their database with a personalised link so that customers who clicked on the link and signed up would automatically attach the adviser’s number to their application, and earn commission for the adviser.

“It’s really about the adviser’s ability to manage the customer relationship,” Ruscoe said. 

Advisers needed to adjust to new technology: “If a customer wants to sign up online and you don’t have that functionality, they’re not going to sign up with you.”
He said the online tool was something that would help advisers generate business.