Moneyhub has partnered with Voyant, a firm offering wealth management solutions to IFAs and advisory firms.
Voyant will now use Moneyhub’s open finance and open banking APIs on all its adviser systems. This will give its advisers access to real-time information on clients, with visability of bank accounts, credit cards, investments, pensions, loans, mortgages and other financial products.
This secure GDPR compliant data sharing will allow advisers to complete the fact-finding process more quickly and more accurately, with up to date information on assets, income and expenditure. This should also enable more accurate modelling of financial goals, and help track whether clients are on track to meet them. Clients will also benefit form more personalised communications from their adviser.
Moneyhub says this solution supports advisers with their Consumer Duty requirements, by focusing on a client’s goals and providing products and services that are best suited to each individual.
Its adds that this partnership will save time and reduce firms’ overheads when onboarding and servicing clients, allowing advice to be delivered more efficiently. This means more people can benefit from valuable financial advice as well as opening opportunities for hybrid advice models which should further help to close the advice gap.
Moneyhub, API MD Kim Jenkins says: “A complete picture of a client’s financial information is vital for advisers to give personalised and effective advice. Consent driven, comprehensive and real-time access to financial data is critical for advisers to support their clients in achieving their long-term aspirations. Only with this information can they advise on the right products and solutions, at the right time, to deliver on those goals.”
