Imagine what you could do with all your clients finances in one place...
What is Account Aggregation?
For your clients account aggregation provides the ultimate convenience of managing all of their finances, their bank accounts, credit cards, mortgages, property, insurances, investment, savings and pensions all together in one place with all the associated paperwork organised. This can be done easily and conveniently for them via a single login beautifully presented under your brand.
Account aggregation services automatically collect financial information from a range of financial services providers including banks, credit cards, lenders, product providers and investment platforms and then display it all together in one place for a holistic view of an individual’s or household’s entire financial life.
'A holistic view of an individual’s or household’s entire financial life...'
As an Adviser why is account aggregation important?
Reinvent the financial planning process . As an adviser it is at best a chore and often impossible to get accurate income and expenditure information out of clients. moneyinfo not only aggregates banking and credit card accounts but it analyses statements to automatically deliver accurate income and expenditure analysis across all accounts.
Accelerate Asset Gathering. For most clients, advisers only manage a small proportion of what the client views are their finances. By offering an account aggregation service, advisers can monitor and manage insurances, property, plans, policies and other assets not currently under their advice.
A better online and mobile reporting experience . Clients rarely want your reports when you send them out, giving them the problem of filing the paperwork so it is to hand when needed. Wouldn’t it be more convenient to give them access to the reports through your own branded portal so they can access them when it’s convenient to them, saving you the expense of printing and posting.
Access to held away data . Clients will invariably have financial assets held away in non-managed accounts like legacy pension schemes, DIY sites like Hargreaves Lansdown, stockbroking accounts with directly held shares. moneyinfo can bring all of this data in automatically and conveniently for the client removing the need for multiple logins. Advisers get to see the held away data on a view only basis.
How does it work?
Cleanse your back office data. Firstly, we take the data from your back office systems such as Adviser Office, x-plan, Curo, Intelliflo and SSP and overlay it with up to date data from your platforms and providers.
Advised Assets with Providers and Platforms. Once we have your initial data then a one-time setup connects moneyinfo to your providers and platforms. All you need is your agency credentials or unipass certificate and in some cases the completion of an authority form issued by the platform or provider. We then use contract enquiry or bulk overnight feeds to refresh your client portfolios. You outsource the complex job of data management to us.
Banking and Credit Cards. The client enters their own credentials once only to connect with the banking institutions. Balances and transaction statements are updated on a daily basis. The adviser never touches user credentials.
Property. Clients enter their house number and postcode and the system talks to the land registry database to pull down the price paid and date purchased. Properties are then valued using land registry data to provide the client with an estimate of it’s current value.
Held Away Assets. moneyinfo also connects to the majority of DIY fund and stockbroking platforms like Hargreaves Lansdown and Charles Stanley. The client only needs to enter their online login details once only to make the initial connection. It then refreshes your client’s portfolio on a daily basis showing wrappers, holdings and valuations. The adviser never has to touch user credentials.
Offline Accounts and Physical Assets. Clients will often have financial assets like business interests, classic cars and antiques which simply cannot be valued automatically. moneyinfo however ensures they can see them alongside everything else with a single login importantly with all the associated paperwork.
What are the key benefits?
- Helps your clients better manage all of their finances and demonstrates the benefits of your advice.
- Reassures clients as they can see and access their adviser managed assets, updated regularly alongside all of their other finances which builds confidence in your services.
- Removes paper from all of your existing processes and help clients manage their paperwork by providing them a convenient place to store all of their important financial documents.
- It’s your brand not the platforms. Delivers consistency under your own brand whilst you run with multiple platforms which is the reality for most firms even when you have a single platform as your preferred strategic choice. Your clients login to your portal and see your news and services not a third parties information.
- Encourages clients to migrate assets to your preferred platforms whilst allowing them to view assets held with legacy providers. Having up to date valuations from the platforms helps demonstrate a key advantage of re-registering legacy assets.
- Enables you to easily swap platforms to apply the best choice for your clients (which may not be the same for all) whilst delivering a consistent service and there’s no retraining required for you or your clients when you switch.
- Allows you to communicate conveniently with your clients using content management, news feeds, secure messaging and document and screen sharing.
- Cleanses your back office data with up to date and accurate information from product providers and platforms.
- Ensures your portfolios are accessible on all devices your clients now use.
- Demonstrates the service you are providing helping you justify your adviser charges particularly to non-active clients.
This is a service only advisers can offer
UK advisers are best placed to offer account aggregation to their clients as uniquely you have the agency with providers to allow you to bring in data from product providers and retail investment platforms and combine this with clients other financial information in one place. This is an advantage you can leverage to become the key financial app for your clients.
This advantage won’t last forever so we’d encourage you to look at the benefits account aggregation could bring to your business now. Sign up for one of our regular webinars here .
