My Money Adviser to offer Cofunds and Transact services on its website
Intermediary website provider My Money Adviser is adding to its offering via links with Cofunds and the AITC fund supermarkets' partner, Transact.
My Money Adviser provides a single website template with a range of linked third-party options, which intermediary firms can hire on an annual basis and white label.
Cofunds will provide an Isa fund supermarket link from later this month. In the third quarter, Transact's offering will be added, providing intermediaries with the ability to consolidate client portfolios, valuations and dealings through a single channel.
My Money Adviser, whose managing director is Anne-Marie Martyn, previously of IFA Promotion, does not currently offer access to unit trusts, pensions or mortgages.
The link to Cofunds and Transact will leave it still needing a mortgage partner.
My Money Adviser can currently provide Isas by aggregating intermediaries' orders and buying direct from the fund provider over the phone or fax.
The partnership with Cofunds and Transact is expected to eventually enable deals to be processed purely over the internet, when such services are available, and facilitate processing of the extra volume flow the availability of unwrapped products may produce.
After being formed a little over a year ago, My Money Adviser now supplies back-office functionality for more than 2,500 intermediaries.
The company is an offshoot of the Quay Group, which not only owns a variety of technology and new media but also a small intermediary company, Quay Associates, which is used in the testing and development of intermediary services before they come to market.
Martyn previously worked for Gartmore, Guinness Flight and, more recently, IFA Promotion, enabling her to gain an insight into both sides of the market.
She believes that while many intermediaries are keen to build an online presence, smaller firms are being priced out of the market.
'My Money Adviser was a mass-market product to keep it affordable,' she said. 'There are lots of companies with trading capabilities so we thought, why try to re-invent the wheel?
'We can integrate their transactional capabilities into our technology. There is no charge for them, no charge for us and the intermediary is paid full commission.'
Rather than compete on grounds of transaction capabilities against the myriad of companies offering such services, Martyn said My Money Adviser was better positioned to provide a service uniting all of these capabilities under one umbrella.
Through its strategy of partnering with various financial services companies, Martyn said the company is enabling intermediaries to manage their clients wealth from one white-labelled website that provides intermediaries with their own customisable front-end and back-office functionality.
'It is really built for intermediaries' existing client base but is also moving the intermediary away from their traditional areas toward lifestyle planning,' Martyn said.
The service can currently accommodate online share dealing through arrangements with IMIWeb and Teather & Greenwood, as well as Isas, wealth management services, endowment trading, insurance, term assurance and utility switching.
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