Advisers will be given the opportunity to generate extra revenue through a new online account aggregation tool developed by Mortgage 2000.
The tool allows consumers to view their online accounts from a single site with one password. It has been developed as an optional extra for intermediaries who have a white-labelled copy of the Moneysupermarket personal finance portal, which was launched at the start of the year.
The site will allow clients to enter the details of their online accounts, including mortgages, credit cards and insurance policies. The single password allows them to access all the details of their products and to source more competitive deals. Intermediaries who white-label the site have to pay a rental fee of £35 per month, but any revenue generated by the site will go to them.
Simon Nixon, managing director of Mortgage 2000, said: ‘In the next six to eight weeks we hope to launch our account aggregation tool in partnership with a major aggregation company in the US. The advantage to the broker is they will be constantly cross selling products to their client without any effort. Every time the client logs on they will have the opportunity to source a better deal at the same time, which should generate extra revenue for the broker.’
Nixon added: ‘The software has been customised for the UK market, but in the US the software is being used by over one million customers and analysts are predicting that over 30 million will be using it by 2005.’
However, Rod Murdison, proprietor of London-based IFAs Murdison and Browning, said: ‘I do not get the impression that people who use the internet for research purposes will necessarily want to put all their financial information onto the web. They probably have quite valid fears about how safe it is to put all their details onto a single internet site ‘ I cannot see people doing this in great numbers.’The site will allow clients to enter the details of their online accounts