Sammedia has set up an online client-facing service called Moneyinfo to enable advisers to continue servicing lower-income clients after the retail distribution review.
The technology firm says it allows advisers to offer a cost-effective service by automatically updating advisers’ fact-find data and providing daily updates on portfolios.
Clients can access daily banking transactions, categorise spending and implement budgets.
The tool costs firms £75 a month and client charges start at £1.67 a month but this varies depending on how many clients advisers sign up.
Operations director Tessa Lee says: “There has been much talk about how the need to justify ongoing charges will force advisory firms to focus only on clients that will be profitable after the RDR.
“Typically, this means clients classed as high-net-worth, because until now there has not been a viable way for firms to service clints in lower wealth brackets profitably. Moneyinfo changes that.”
Bloomsbury Financial Planning partner Jason Butler, who is testing the service, says: “Moneyinfo is a killer solution which enriches clients’ interaction with us.”