What is account aggregation?
Account aggregation services collect financial information from a range of financial services providers (banks, lenders, stockbrokers, investment platforms etc) and bring it together in one place for a holistic view of an individual or household’s financial life. It removes the need to input data manually from investment platforms, CRM systems and other online finance sites.
How Does Moneyinfo Account Aggregation work?
Clients really value seeing everything in one place so they know what they are worth and you can quickly identify areas where they may need advice. Moneyinfo handles everything a client considers financial including property, banking, credit cards, insurance, investments, pensions etc. Moneyinfo uniquely brings all this together for clients with any associated paperwork. How does it do this?
Advised assets with providers and platforms.
A one-time setup to connect your agency credentials, unipass certificates and in some cases an authority form. Moneyinfo then uses a variety of methods to refresh your client portfolios without you having to get involved. You outsource the job of data gathering to us saving you time and money.
Moneyinfo connects to DIY fund and stockbroking platforms like Hargreaves Lansdown and Charles Stanley. The client enters their online login details once only to make the initial connection. Moneyinfo then refreshes your client’s portfolio whenever they log-in showing product wrappers, holdings and valuations.
Banking and Credit Cards.
Clients enters their credentials once only to connect. Balances and transactions are updated automatically on log-in.
Properties can be tracked using the Nationwide or Halifax price indices.
Offline Accounts and Physical Assets.
Clients will have other financial assets such as business interests, cars, antiques etc. which cannot be valued automatically. Moneyinfo ensures they can see them alongside everything else with a single login. Clients only have to enter the record in once and it indicates the valuation is an estimate only.
Reasons why account aggregation is so important to wealth management and financial advice businesses.
Reinvents the financial planning process.
Advisers know what a chore it is to get income and expenditure information out of clients and how rarely this is accurate. Moneyinfo aggregates banking and credit card accounts and analyses the statements to deliver accurate income and expenditure across all of a client’s accounts. Moneyinfo builds a total picture of what a client owns, owes, spends and earns.
A better online and mobile reporting experience.
Clients now expect access to their data on demand, when, where and how it suits them. They have grown to expect this from every other service provider whether it’s banking, shopping or even socialising.
Accelerate asset gathering.
Advisers can monitor and manage assets not currently under their advice and charge appropriate fees on held away assets. It also encourages clients to bring legacy products into the central investment proposition.
Access to non-advised data.
Clients often have financial assets held in non-managed accounts like legacy pension schemes, DIY trading sites like Hargreaves Lansdown and other stockbroking accounts with directly held shares. Moneyinfo links these accounts automatically and conveniently for the client to access in a single view removing the need for multiple logins. Advisers get to see the non-managed data on a view only basis.
An additional service proposition only advisers can offer.
Your agency codes unlock data from investment platforms and providers. Moneyinfo then delivers your clients a beautiful client portal under your own brand allowing secure online communication and reporting to your client’s entire financial life.
Digitally defend your business.
Best offer this service to your client’s before someone else does.