After a three month-test run, the UK’s largest wealth manager has given its 3,415 partners the go ahead to make its cash management platform available to investment clients.
Via the Flagstone platform, private individuals, SMEs and charities with a minimum holding of £250,000 ($322,738, €296,912) will be able to access multiple deposit accounts with different banks and transfer money between to better “maximise income”.
Flagstone has been around since 2013, providing cash management technology to high net worth individuals, wealth advisers, charities and small and mid-sized companies.
SJP has described the service a “unique proposition in the UK” that grants clients “safe, simple and smart” online access to over 350 different instance access, notice and term deposit accounts from more than 20 UK banks.
The cash management platform will allow clients to better identify risk by diversifying across acounts and potentially generate a higher interest income, the wealth manager said.
“Being able to manage cash holdings efficiently is fundamental to the needs of our clients,” said Peter Coulter, divisional director of strategy and banking at SJP.
“That’s why we’re committed to developing a range of banking services that help our partners deliver truly holistic wealth management.
