Client iPad apps seen as future of wealth management
Financial advisers are in need of a client-facing solution collating all their financial data, a wealth manager has said.
Angus Millen, founding partner of Millen Capital, said mobile apps where clients can access all their financial information in one place need to be developed by technology providers.
“It seems that no one is offering a mobile, digital-based solution where a client can just dial into their overall financial plan and see everything in one place,” he said.
He said an app for clients could bring details of their financial plan and wealth management together and a key feature would be its accessibility on either the web, a mobile device or a tablet.
Millen referred to an app available in the US, run by firm Personal Capital, which pulls in financial information from all client accounts, shows investment data, facilitates webcam-style meetings and allows money to be sent.
He said he would like to develop something similar for his own company in the absence of a product that can be white-labelled from a technology firm.
Technology provider Avelo has a client-facing cloud-based system, the Client Portal, which can be accessed online or via a smartphone.
Advisers can choose what clients are able to see of the information they hold on them in their back office. The portal can only be used with Avelo’s back office system, Adviser Office.
Clients can see their investments, policies and documents as well as update personal information or book meetings. Live bank account information, however, is not pulled in.
Paul Yates, strategy and product development director at Avelo, said the portal is not about bringing in every possible detail.
“The client portal is geared around being part of the whole process with the IFA being the heart of it,” he said.
“If clients want the whole picture, they will go in for a financial review.”
He said even though Avelo would consider including bank account details in the future, adviser demand for it was not high and it could cross over into consumer aggregator apps.