Regulator opens AI advice review as AMP moves to fill accessibility gap
AMP has launched an AI-powered advice tool called Astra, aimed at giving KiwiSaver members who don't typically seek financial advice a simple way to check whether their investment settings suit their circumstances.
App-based tool targets an advice gap
Built into the AMP app, Astra draws on a customer's AMP KiwiSaver Scheme account details and personal investment profile to generate advice on their fund settings and suggest actions that could improve their retirement outcome.
The tool is being rolled out through a controlled pilot for eligible AMP KiwiSaver Scheme customers, with several hundred already engaging in an advice conversation in its first week. The most common question raised so far has been "Am I in the right fund?"
AMP KiwiSaver Scheme managing director Jeff Ruscoe (pictured) said the response so far pointed to a clear appetite among customers for reassurance about their fund choices.
"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," Ruscoe said.
Unlike a general-purpose AI tool, Astra operates within AMP's defined advice framework, with its recommendations shaped by structured systems, controls and oversight, and supported by the company's governance and customer-support processes.
Advice framed as a complement to advisers, not a replacement
AMP pointed to Financial Markets Authority research as part of the rationale for the launch. A March 2026 FMA publication, Access to financial advice in NZ, found there were "strong opportunities for improvement in technology-enabled and hybrid advice models that can reach under-served consumer segments." The same review found only 28% of New Zealanders had used a financial adviser in the past 12 months, underscoring the scale of the gap AMP says Astra is designed to help close.
The launch also comes as the FMA opens a dedicated thematic review into AI use in financial advice, examining how tools like Astra fit within the existing regulatory framework, with input sought from providers and advisers via surveys open until 4 September 2026.
Ruscoe said Astra was designed to work alongside advisers rather than sideline them.
"Importantly, Astra is intended to complement, rather than replace, financial advisers and AMP's existing customer-support teams, and the financial needs of some customers will often require a more detailed conversation with an adviser," he said.
Ruscoe said the tool was ultimately about extending access to advice for customers who might otherwise go without it.
"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," he said.
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