Mattioli Woods is set to launch a new online portal that will empower clients to assess their net worth at the touch of a button.
The AIM-listed wealth management and employee benefits specialist has linked-up with software developer moneyinfo to create a fully interactive digital experience for its clients called Total Wealth.
It has been specially designed to allow clients to access all their Mattioli Woods-managed finances in one place while also being able to view all their other financial assets, such as property, insurances, bank accounts and credit cards.
They can use the new digital service to store and access all their important financial information and communicate securely with the company, keeping personal data away from email.
Mattioli Woods believes it will lead to greater operational efficiency in collecting data and save time and administrative costs.
Total Wealth will initially be rolled out to clients who took part in extensive research and trials to help product-test the new interactive tool prior to a full launch.
Pilot tests are currently under way involving the company’s own staff.
Chief operating officer Mark Smith said: “We are extremely excited about the release of Total Wealth, our first full-service client portal.
“We spent time engaging with a number of clients ahead of scoping it. We were anxious not to over complicate its functionality and therefore felt it key to understand what they wanted. It was paramount not to create something that wouldn’t be used or, worse still, became a barrier for clients”.
Asif Naidu, technology and integration director, said: “Technology is ever evolving, but we only wanted something our clients found value in. We have listened to their needs by keeping the portal simple and will introduce further functionality over time to suit client demand”.
“We are conscious of our clients concern on security of information online and the portal provides banking level security. With the introduction of secure messaging we are ensuring that all confidential information is transmitted and stored securely”.
Mr Naidu said the portal and multi-platform application provides enhanced privacy controls in line with the requirements of EU-driven General Data Protection Legislation (GDPR), which comes into effect in May.
He added: “Working with moneyinfo was key as it is our belief that partnering with experts in their field produces the best outcome for clients. They are market-leading and have helped us produce an app that not only suits our brand and unique proposition, but is what our clients have been asking for.
“We have concentrated on what we are best at and it has allowed moneyinfo to develop something that perfectly fits Mattioli Woods”.
Tess Lee, managing director of moneyinfo, said: “Mattioli Woods is a highly respected firm which has a very strong reputation, built up over many years. We were delighted to be selected to power its new Total Wealth service.
“A digital platform can deliver significant cost savings to adviser firms and enhance their overall proposition, but will only offer benefits if clients actually use it. We work with firms to achieve very high adoption rates”.