Wealth manager St James's Place is rolling out a cash management service to its 4,000 advisers.
The cash management service, which will actively manage clients' cash deposits by seeking out the best interest rates, is available to investors with £50,000 or more to deposit.
The service was first rolled out in 2017 in partnership with technology company Flagstone, and had been available to corporate, charity and private clients with £250,000 to deposit.
But it will now be available to the 4,096 advisers in the SJP partnership.
The company will search across 5,550 deposit accounts to help clients find the best interest rate.
SJP clients with a deposit of between £50,000 and £250,000 can access fixed term accounts, while those with at least £250,000 can access instant access, notice and term deposit accounts.
According to the company, the benefits of using the online platform are the potential for higher interest income and the ability to identify and manage risk by diversifying deposits between different banks. This diversification also increases the protection that client deposits are afforded by the Financial Services Compensation Scheme.
The FSCS limit is £85,000 per account, so divided cash between different banks means there is a greater chance to protect the clients cash.
Iain Rayner, SJP's joint chief operating officer, said: “Being able to manage cash holdings efficiently is fundamental to the needs of our clients. That’s why we committed to developing a range of banking services that help our Partners deliver truly holistic wealth management.
“Through Flagstone’s market leading cash platform, St. James’s Place clients are able to access a huge range of accounts from an extensive panel of banks and building societies, enabling them to manage their cash deposits at the click of a button.”
david.thorpe@ft.com
