The move strengthens the financial service company's licensee offering
AMP Advice has teamed up with fintech Frollo to provide financial advisers, mortgage brokers, and their clients access to Frollo’s open banking technology and money management app.
The partnership allows advisers and brokers in AMP’s network to include Frollo’s Money Management Service as part of their licensee package and provide their clients with access to a practice-branded version of Frollo’s app.
This enables clients to create an aggregated view of their financial position using Frollo’s money management capability, which includes spending visualisations, loan details, budgeting, financial goals, and smart insights.
The Frollo platform streamlines the advice process by providing advisers secure access to a user-friendly view of their clients’ financial information and circumstances, removing the need for clients to manually provide data. The platform also enables the finance professionals to monitor their clients’ ongoing financial position, identifying opportunities to add value.
The Frollo platform also comes with open banking benefits, providing clients the right to securely share their data between service providers. Unlike the traditional ways of sharing data, open banking is regulated, rich, reliable, and real time.
Matt Lawler (pictured above), AMP adviser director, said the tie-up with Frollo reflects AMP’s commitment to providing its advice network with best-in-breed technology solutions, which supports the delivery of high-quality advice and broking services.
“Frollo’s technology streamlines the advice process and provides more opportunities for advisers to help their clients,” Lawler said. “Importantly, the tech platform also sets clients and advisers up to take full advantage of open banking as it evolves into other financial products in the coming years. Technology will play a central role in delivering quality advice to more Australians, and we’re committed to providing our network with access to the latest and the best.”
Simon Docherty, Frollo’s chief commercial officer, said the partnership confirmed that the Trusted Adviser Model will drive the adoption of open banking this year.
“Financial advisers and mortgage brokers are close to their clients and have a real need for efficient and secure sharing of financial information,” Docherty said. “We’re excited that AMP is innovating and offering our Money Management app and Partner Portal to their network, as it helps them build a stronger relationship with their clients and be more proactive with their advice.”
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