In a three-part series with IFA Magazine, Flagstone‘s Head of Relationships and Business Development, Claire Jones, explores how using Flagstone can help advisers be more efficient whilst delivering real benefits for their clients’ cash.
During part two, Claire highlighted the benefits of recommending Flagstone to clients and why IFAs should choose their cash deposit platform.
With billions of pounds sitting somewhat dormant and vulnerable in savings accounts, earning little to no interest, Flagstone’s benefits to clients’ cash holdings are obvious.
Their cash deposit platform allows clients to place and switch their cash deposits effortlessly – 24/7 – providing hassle-free, complete control of their funds, plus access to the best interest rates available across a wide range of bank accounts. Clients can also ensure their cash is fully protected under FSCS rules. For advisers, Flagstone can boost efficiency, client offering, and provide a subsidiary income.
By using Flagstone’s services as part of a holistic approach to clients’ wealth, Claire believes all parties can achieve positive outcomes.
Claire Jones: “To date, we have managed more than £12bn in client assets. Our award-winning, innovative, and secure platform provides access to hundreds of accounts – including exclusive and market-leading interest rates – from 52 banking partners.
We understand that with inflation rates rising and the cost-of-living crisis, everybody wants more bang for their buck. We’ve really seen an increase in people coming to us, not just advisers, but also direct clients, while Flagstone’s wealth manager partner referrals increased by 46% in 2022.
“As I previously mentioned, once registered, IFAs can refer clients to our cash deposit platform. We offer some unique selling points in enabling clients to release the power of their cash savings. Advisers also receive a 15% annual payment from all their referred clients’ annual management fees, providing an invaluable income stream for the adviser firm.
“The added availability of a cash deposit platform in an adviser’s arsenal ensures they can advise clients on their complete investment portfolio. Not only does this enhance their client relationships and build greater trust, it also boosts client retention and client acquisition, helping to build both revenue and business.
“Additionally, advisers have 24/7, up-to-the-minute visibility of their clients’ wealth beyond the investment portfolio. This ensures IFAs have a complete overview of their clients’ cash – and ongoing opportunities to discuss investments.
“Our platform also provides protection for clients who may have over £85,000 hibernating in high street bank accounts. As well as the ability to diversify their funds across accounts to suit their lifestyle and financial aspirations, they can potentially protect every penny.
“It also helps to break the inertia that frequently surrounds cash. With access to market-leading rates from hundreds of savings accounts – many of which are exclusive to us – advisers can ensure their clients’ cash deposits are earning attractive rates of interest to maximise their income.
“Overall, we offer a win-win situation for advisers and their clients. In an ever-busy financial sector, a platform such as Flagstone can allow advisers to offer their clients the best possible cash outcomes.”
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Claire Jones joined the Flagstone team as Head of Relationships & Business Development in 2020. With over 15-year experience in the financial industry, she currently leads the elements of the business to support financial advisers and wealth planners to improve their clients’ holistic experiences in this sector, builds and creates new relationships with key strategic partners and is an ambassador for excellent client service.
