In Partnership picks Flagstone as its FinTech cash platform to help advisers and clients maximise savings returns

Adviser network In Partnership has chosen London-based FinTech firm Flagstone as its cash platform provider.

The platform allows clients to open multiple cash savings accounts with just a single application, thereby slashing the administrative burden for savers.

Clients of In Partnership’s 500-plus adviser network will be able to choose from more than 550 instant access, notice and term deposits rates offered by any one of the 30 High Street and challenger banks on the platform.

As well as slashing application times, customers also benefit from access to market-leading and exclusive rates as well as the opportunity to optimise their Financial Services Compensation Scheme (FSCS) protection[1].

This combination acts as a powerful incentive for clients to move their savings into accounts paying higher rates of interest.

Savings inertia is a huge problem in the UK, with an estimated £166 billion of savers’ money currently languishing in accounts paying zero interest[2]

As well as benefitting customers, Flagstone’s platform gives In Partnership’s advisers a more holistic view of their customers’ wealth, enabling them to provide more informed advice.

Simon Merchant, Co-Founder and Co-Managing Partner of Flagstone, said:

“We look forward to working with In Partnership and helping their clients to address their two key concerns; maximising their interest income and minimising their risk.

“Our existing partnerships with a number of the UK’s largest wealth management companies have already demonstrated the value that the platform can deliver for clients and their advisers. By using the Flagstone platform, making a client’s cash work harder is simple, improvements are immediately visible and future value is easy to demonstrate. It’s a simple way for advisers to add value to their proposition and deepen their client relationships.”

Tim Coghill, Key Account Relationship Manager at In Partnership, said:

“Being able to manage cash holdings efficiently is fundamental to the needs of our clients. Flagstone’s innovative cash platform will enable clients to access market leading rates and open multiple accounts at the click of a button.”

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[1] The current Financial Services Compensation Scheme (FSCS) deposit protection limit is £85,000 per 
   depositor per authorised bank (and £170,000 for joint accounts)

[2] ThisIsMoney – March 2019. https://www.thisismoney.co.uk/money/saving/article-6770003/Savers-miss-188bn-worth-nest-eggs.html