Old Mutual launches online top-up service option

Old Mutual launches online top-up service option

Old Mutual Wealth has launched a top-up service for advisers after trialling it last year.

The service allows financial advisers to give clients the option of topping-up their Isas and collective investment account online through a secure customer centre.

Old Mutual Wealth UK managing director of distribution Scott Goodsir said: “Many advisers tell us they want to be able to give clients the option to self-serve for some simple transactions.

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“Following a successful trial, we are pleased to offer this option to advisers and their clients.

“We understand this will not be appropriate for all clients and that is why we are giving advisers complete control over whether they choose to offer this service.”

The service was developed with advisers and will be available to clients if their adviser opts to switch on the functionality.

Consumers would be able to top-up using a debit payment, internet bank transfer or top up their Isa using assets already invested in a collective investment account.

Top-ups will be invested according to the client’s portfolio allocation as agreed with their adviser.

Adviser view

Philip Bailey, senior investment consultant at Hertfordshire-based Provisio Wealth Management, said: “I can see why it would be appropriate, but it would be awful to lose the client relationship.”