08 January 2024
As part of its ongoing roadmap of platform improvements, Quilter today announces the launch of its Cash Hub, a new savings service powered by Bondsmith.
Quilter’s Cash Hub will provide access to a wide range of banks and savings accounts offering competitive interest rates, including easy access, notice period and fixed term options. This complementary service will allow advisers to see their clients’ cash savings alongside their Quilter platform investments, streamlining the management of their finances and providing them with better visibility of their overall wealth.
The new Cash Hub will provide a home for customers’ cash savings such as emergency funds or savings they are looking to grow for a specific goal with which they do not wish to take any investment risk.
The Cash Hub is particularly well suited to those customers looking to move their existing off-platform cash savings to a service that will allow them to easily switch between cash products to ensure they are always achieving competitive rates, while maximising the FSCS protection available by spreading money across various accounts with the added benefit of managing them all in one place.
The value of Cash Hub savings will also be included within a customer’s tiered platform charge calculation and family linking feature, meaning that as well as there being no platform charge on these savings, the value could help to lower customers’ overall platform fee.
Financial advisers will benefit from their clients’ Cash Hub savings being listed clearly alongside other platform investments in reporting and valuations. This will allow for a more accurate view of a client’s overall wealth position which will be highly beneficial during financial planning conversations.
In line with the existing process, the adviser will also be notified when correspondence is generated as a result of a new cash product application being submitted and they will be able to track Cash Hub activity within the platform and via activity reporting.
The Cash Hub is being fully integrated into our platform service so that in future, savings accounts balances will be included in the data sent directly to adviser back-office systems enabling advisers to view and manage their clients’ cash savings just as easily as they can with current Quilter platform investments.
The launch of the Cash Hub follows several recent platform upgrades, including the introduction of Quilter’s App Hub, adviser co-branding, an increased online withdrawal limit and new features to enhance the support provided to potentially vulnerable customers.
Jenny Davidson, commercial proposition director at Quilter, says:
“Following a series of successful platform upgrades, we are pleased to announce the launch of our new Cash Hub which was implemented at the end of 2023. We work collaboratively with advisers and customers to ensure their needs are met and, given the current high interest rates in the market which has meant that some have put their investment decisions on hold, this collective feedback identified a need to be able to manage cash alongside other platform investments. We are pleased to now be able to facilitate this via our Cash Hub.
“The introduction of the Cash Hub strengthens Quilter’s cash offering. The addition results in a comprehensive range of options which also include money market funds for use within investment portfolios, as well as cash within the platform products and services used for paying fees and charges.
“Cash Hub savings will be clearly displayed alongside platform investments, allowing customers to view their cash savings in the context of their wider wealth position, and will be visible via both the online customer portal and our mobile app. Advisers will also benefit from this clearer view and will be well positioned in the future to explore other investment opportunities available via our platform should they prove more suitable for their clients when fixed term deposits mature.
“The addition of the Cash Hub marks the next step in Quilter’s ongoing roadmap of platform improvements, and we remain committed to further enhancing the user experience for both advisers and their clients.”
