When it comes to traditional wealth advisers giving financial advice to clients, the cost is often too high and few people can afford the services. The problem lies in gathering the necessary data required in order to create custom solutions to suit an individual client’s needs.
This is where technology can play a major role in increasing the number of people who can access financial advice. But it doesn’t have to replace the advisers. Rather, it can enable them to deliver more and better advice to help consumers improve their financial well-being.
This is moneyinfo.
Tessa Lee, managing director of moneyinfo, comments “We build client portals for wealth managers and financial advisers in the UK, white labeled with the financial advisers’ branding and collateral. Uniquely, our client experience is focused on the end user helping them understand their current financial position and manage their finances ongoing. We strive to make moneyinfo as simple and easy to understand as possible. The product is available both as a web-based and a mobile application, and importantly with the advisers’ information and data already in place.
While there are a handful of data aggregation apps in the UK, they mainly focus on aggregating personal finance data (banking, credit cards, self-managed stockbroking accounts, etc.) and do not include client’s insurances, property, pensions, savings and investments. Furthermore, they are generally focused on replacing advisers rather than helping them.
Once an adviser signs up for moneyinfo, we transfer the data from their CRM system and investment platforms helping bring their existing data up to date to pre-populate the portal. We do the heavy lifting for advisers so they can adopt our solution more easily. Advisers then provide moneyinfo logins to their clients. As the advisers know a lot about their clients already, pulling in all their existing information means clients don’t have to do a lot of work themselves and this significantly increases adoption.
Clients can then use the Envestnet® | Yodlee® Aggregation API as well as our own – to build up their complete financial profile. We don’t just aggregate their financial data, we include all of their finances including their adviser managed portfolio services.
Clients can include assets like antiques, cars, and jewelry and even track their property value using a link to land-registry data showing when the property was acquired, how much they paid and what it’s worth now. The client can obtain all this information by simply entering their postcode.
Importantly, moneyinfo helps clients and advisers manage the paperwork and provides clients with a digital financial filing cabinet to keep all their important financial paperwork safe. A place to find any document when it’s needed, which is often in an emergency when all the client has is their mobile phone. For advisers this means they can send all their documents electronically and securely, saving significant cost and keeping important financial information away from email and knowing that the client has received the document and read it.
We decided to support the adviser community, rather than making a direct to consumer app because we are firm believers in advice. Because advisers have existing relationships with clients and access to significant data, adoption is a lot easier. We support advisers in servicing more clients profitably and in doing so can make advice accessible to more people.
We started working with Envestnet | Yodlee because its leading data aggregation platform enabled us to securely draw consumer-permissioned financial data into the moneyinfo system. By integrating with the Envestnet | Yodlee Aggregation API, we are able to pull in more of the financial information that matters to clients in their day to day lives.
Envestnet | Yodlee makes it easy to access a holistic view of a client’s financial picture, and with their help, we’re able to make wealth management and advice easier for advisers.
For more information about how to securely access over 16,000 data sources in the US, UK, and over 15 other countries, covering all types of financial products including checking, savings, credit card, loan, mortgage, brokerage and 401K accounts, visit https://developer.yodlee.com/Yodlee_API.
About Tessa Lee
With 20 years of experience in the Financial Services industry including 9 years at 1st Software (now Iress), and 2 years at FinQS, Tessa has worked closely with a wide range of clients from Employee Benefits Consultancies, National IFAs and Networks to Mortgage Brokerages and smaller Financial Advisory and Financial Planning companies. She has directed a number of large scale programmes, delivering bespoke solutions for Wealth Management and Workplace clients, including two of the UK’s largest employee benefits consultancies.
Tessa has extensive programme and project management experience and holds a number of the CII Financial Planning qualifications from FPC to Business Financial Planning.
moneyinfo limited is a private fintech firm based in Henley in Arden, Warwickshire, England specialising in client portals and mobile apps for the wealth management industry. We are proud to work with some of the UKs most exceptional advisory businesses including Saunderson House, Aon, Prydis Wealth, Andrews Gwynne, Citywide and many more.