Powering the advisor experience

This year has seen tremendous financial change. Putin’s invasion of Ukraine, plus three prime ministers in as many months, sent costs soaring and the UK’s financial markets into meltdown.

 

For IFAs, it presented a logistical challenge that sometimes changed daily. Inflation grew to heights unseen in decades, financial products were suddenly and unexpectedly withdrawn, while rising interest rates provided the yin and yang of greater expense and potentially higher returns on savings.

 

Trying to give people sound financial advice against this rapidly-changing backdrop could be frustrating and time-consuming, leaving IFAs struggling to reassure their existing clients and little time to find others.

 

Flagstone’s UK-leading cash deposit platform helps power IFA’s experience in three distinct ways – efficiency, technology and tapping into new investors.

 

Helping IFAS to be more efficient

 

IFAs can spend considerable time on background tasks, such as administration, compliance, and preparation – often searching numerous banks for the best interest rates and making tedious comparisons. Given the sometimes volatile state of the country’s finances, it can be like painting the proverbial Forth Bridge. By the end, the rates may have changed, been discontinued, or new products have hit the market.

 

Flagstone’s platform offers the widest choice of savings accounts - including market-leading and exclusive rates – from more than 45+ banking partners in one easily-accessible place. Search the best possible rates according to your chosen parameters, and compare them quickly and easily, saving hours of precious time.

 

As well as having all the latest information at your fingertips, your clients’ Flagstone account allows you complete visibility of their cash deposits. Our platform also automatically sends you updates on the latest products and rates, and alerts you when accounts are due to mature – enabling you to start (re)investment conversations and cement your role as a trusted advisor.

 

By taking advantage of the best interest rates available, you can help them grow their money – and your own business. Flagstone’s cash deposit platform also gives you a valuable weapon in your IFA armoury that can differentiate you from competitors, and help you retain and attract clients.

 

Better technology for IFAs

 

More and more people are demanding the ability to organise their finances, and carry out transactions of all kinds, digitally. Our platform lets you and your clients see how their cash investments are performing and manage them in real-time.

 

Through their single Flagstone account, you can move money between any number of suitable savings accounts without the need to complete laborious applications, ID checks or other paperwork. Every eligible savings account opened also provides up to £85K FSCS protection, reassuring clients that their cash is secure and protected.

 

Younger investors especially are demanding digital business, driving the future while influencing older generations to follow their lead.

 

Attracting the new generation of clients

 

As well as steering the future direction of travel, young investors represent a vast, untapped market.

 

Millennials, those born post-1980 to around 1995, are set to inherit around £5.5tn[1]. While this makes them an economic force to be reckoned with, connecting with them can be a challenge.

 

Generally speaking, this financially-savvy and tech-familiar generation can distrust big business, preferring online recommendations from their peers. That said, millennials still appreciate face-to-face, impartial financial advice – if they believe the people or company are reputable.

 

Given that The Investor Index[2] suggests younger people are making higher-risk investment decisions, especially against a backdrop of rising inflation, advisers have the perfect opportunity to get involved.

 

Flagstone’s Head of Bank Partnerships, Mark Hicks adds: “The past five years have seen a significant trend in individuals starting to manage their finances through digital platforms – which Covid has accelerated. This can be seen from the sheer number of new entrants into the market.

 

“Historically, individuals have focused on managing stocks and share portfolios, but the recent rise in savings rates has meant cash is now becoming an increasingly attractive asset class. This has encouraged investors to search not just for the best savings account in the market, but for those platforms that can offer them the highest rates, the broadest range of products and the best customer experience.”

 

As the largest cash deposit platform in the UK, Flagstone powers the adviser experience by giving you access to the technology, simplicity, and range of banks and savings accounts your clients increasingly demand for their money. 

 

To find out more about how Flagstone can support your business and grow your clients’ wealth, speak to a member of our team.

 

 

[1] The FT

[2] The Investor Index – Constant Crisis – The New Stability – June 2022


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