AMP says its AI advice for KiwiSaver is designed to reach customers who might not otherwise receive personalised financial advice.

The app-based advice offering, Astra, is designed to help AMP investors check whether their settings are appropriate for them based on information from ther KiwiSaver account and personal investment profile.

It is initially being offered via a pilot scheme with several hundred customers. AMP said the most common question so far was from people who wanted to know whether they were in the right fund.

Managing director Jeff Ruscoe said it highlighted that people wanted assurances about their decisions.

“Astra is designed to deliver advice accessible for all, by giving customers a simple and convenient way to receive personalised KiwiSaver investment advice through an app they already use.

“Through Astra a customer can get a clearer understanding of whether their KiwiSaver investment settings are right for them and what they could consider doing to improve their retirement outcome,”  he said.

He said Astra was operating within the AMP advice framework supported by its systems and controls.

“We believe that advice is critical for good retirement outcomes and for customers that chose not to or are unable to engage personally this is a great step forward.”

Financial adviser Edward Glennie said he did not think it would be a risk to human advisers and said it seemed to align with the Financial Markets Authority’s push to extend accessibility of advice.

Tim Fairbrother, founder of Rival Wealth, said It was encouraging to see innovation.

“From what I've observed, AMP position is not as a replacement for advisers but as a way to reach individuals who currently receive no advice at all. This approach is likely to expand the advice market rather than shrink it, particularly for those who may feel uncertain about their KiwiSaver choices. I'm excited to see these developments and believe they could be helpful for anyone seeking guidance in their retirement planning.”