The Personal Investment Management & Financial Advice Association has announced a strategic partnership with Insignis Cash Solutions which will give members of the trade body access to the cash savings platform.
Pimfa and Insignis said the partnership meant financial advisers would now be able to offer their clients active cash management with access to the whole savings market.
The service is available from today (July 15) to Pimfa members.
Paul Richards, chairman at Insignis Cash Solutions, said: "It’s clear that IFAs and wealth managers are looking for new solutions to attract and retain their clients.
"With Insignis, we’re putting the power in the hands of IFAs to offer clients, whether they are individuals, corporations or charities, a solution to what is often overlooked as an asset class."
Richard Adler, director of strategic partnerships at Pimfa, added: "This is an exciting partnership for our members. Our aim is to assist them with products and services that support their business endeavours and we feel that a cash solution like Insignis’ is perfectly placed to assist all our partner members."
Anna Sofat, chief executive of Addidi Wealth, said a few cash platforms had now entered the marketplace.
She said: "It’s a good service for people who have quite a lot of cash lying around, you can spread your money between different accounts, you can choose how secure the provider is."
Ms Sofat called it "a portfolio approach to your cash".
She added: "I think it’s a service that’s needed in the space. Clients are reluctant to pay fees to have cash managed.
"It will be interesting to see what the take-up rate is. My note of caution is, who is doing the due diligence on all these providers?"
Insignis Cash Solutions launched in 2016 and currently works with 400 wealth managers across the UK.
Ellie Duncan is a freelance journalist