AMP Advice has announced a partnership with fintech Frollo to provide advisers, mortgage brokers, and their clients with access to Frollo’s open banking technology and money management app.
Namely, advisers and brokers in AMP’s network will have the option to include Frollo’s money management service as part of their licensee package, as well as access to a practice-branded version of Frollo’s app catered to clients.
From here, clients can create an aggregated view of their financial position and utilise Frollo’s money management capability, including spending visuals, loan details, budgeting tools, financial goals, and smart insights.
AMP adviser director Matt Lawler said its partnership with Frollo is part of the firm’s strategy to provide effective technology solutions to its network.
“It reflects a commitment to providing our advice network with a contemporary and market-leading service proposition, which supports the delivery of high-quality advice and broking services,” Mr Lawler said.
“Frollo’s technology streamlines the advice process and provides more opportunities for advisers to help their clients. 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.”
As such, Mr Lawler said that technology will play a central role in delivering quality advice to more Australians in the future.
According to AMP, advisers will be able to benefit from the user-friendly view of their clients’ financial information and circumstances through the Frollo platform, which the firm said would streamline the advice process by enabling more efficient “fact finding” without unnecessary manual labour.
Moreover, advisers would also be able to monitor their clients’ ongoing financial positions and identify opportunities to add value.
AMP also pointed to the benefits of open banking in comparison to traditional data-sharing methods, explaining that it is highly regulated, rich in consumer data, provides reliable access to data in a consistent format, and can deliver information in real time.
Speaking on the partnership, Frollo’s chief commercial officer, Simon Docherty, said: “Financial advisers and mortgage brokers are close to their clients and have a real need for efficient and secure sharing of financial information.
“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,” Mr Docherty concluded.
