Spring FG launches fintech advice service
Listed financial services group Spring FG will join the growing list of online advice providers launching its own wealth management and advice platform — Spring 247 — next month.
The move pushes the group into the fintech space with the platform allowing users to consolidate the information about investment assets, liabilities and transaction data regardless of the type of asset, the product provider or institution.
Spring FG managing director, Keith Cullen, said the platform would be offered to clients of the group and would cover bank accounts, credit cards, loans, shares, managed funds and superannuation. It would also add valuation estimates for residential and investment properties and rental income from the latter.
Cullen said the service would not offer ‘robo-advice' but would link back to Spring FG's own planners who would provide advice ‘face to face' through the platform via live video conferencing, and digital document sharing and execution.
Back-end functionality for the platform has been supplied by My Prosperity which developed the tool set while Spring FG had signed US-based Yodlee Inc to provide access to the its financial cloud-based data platform which will gather and aggregate the data from various financial services providers and institutions.
Cullen said the service would be expanded to include services for self-directed investors and to provide ‘face-to-face' advice to consumers outside of capital cities.
AUTHOR
Jason Spits
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
