St James’s Place (SJP) has rolled out its cash management service to clients with a minimum of £50k.
The wealth manager first launched the service in 2017 after it partnered with fintech firm Flagstone, when the service was available to private individuals, SME corporate and charity clients with a minimum of £250k to deposit.
Clients with a deposit between £50k and £250k will now be able to access fixed term accounts, while those with at least £250k can access instant access, notice and term deposit accounts.
SJP joint chief operating officer Iain Rayner said: “Being able to manage cash holdings efficiently is fundamental to the needs of our clients. That’s why we committed to developing a range of banking services that help our partners deliver truly holistic wealth management.
“Through Flagstone’s market leading cash platform, St James’s Place clients are able to access a huge range of accounts from an extensive panel of banks and building societies, enabling them to manage their cash deposits at the click of a button.”
The platform
The Flagstone platform provides online access to over 550 deposit accounts from more than 30 UK banks and building societies, including both high street and challenger brands. It enables personal clients to open multiple deposit accounts with different banks and move their money seamlessly between these accounts, without any additional application forms or paperwork.
In a press release, SJP said the benefits of using the online platform are the potential for higher interest income and the ability to identify and manage risk by diversifying deposits between different banks.
This diversification also increases the protection that client deposits are afforded collectively by the Financial Services Compensation Scheme.
Simon Merchant, co-founder and co-managing partner of Flagstone, said: “We have enjoyed working with St James’s Place Partners to help maximise their clients’ interest income since 2017 and we are now looking forward to expanding the benefits that our cash deposit platform can provide to even more St James’s Place clients in the UK.”
In June, wealth manager Kingswood partnered with Flagstone to launch a new cash platform proposition.
