Bevan is certain the need for Finio has grown. “One trend which is absolutely apparent is the need for integration.”
One of Sprint’s platform clients for its reporting tool serves 600 IFAs. Five years ago, 75 of its advice firm clients required data fed in, a little over 10 per cent. But now, 300 are making the request - a five-fold increase.
“The nature of integrations is getting more complex too,” Bevan continued. “Mifid II fees and charges requirements have seen the IFA industry move from requesting one line of data to 20 years-worth of transactions.”
Bevan describes Finio as “what Calastone did between the fund managers and platforms”. It makes money by charging either the platform or the software system, depending on which party approaches it with a connection request. It will never charge both parties using the same link.