Murphy Wealth, a Glasgow-based wealth and business advisory firm, has launched an app which is designed to gives control of finances back to individual clients.
The Simply Wealth app provides a live view of finances, showing investment performance and values, available cash, income & spending analysis, and net wealth alongside instant messaging functionality and document store.
Murphy Wealth is the first advisory in Scotland to launch the app, in partnership with specialist fintech developer Moneyinfo, which went live on 5 December.
Adrian Murphy, managing director of Murphy Wealth, said: “New technology and greater transparency in financial services gives people the opportunity to take better control of their finances. This app literally puts all of the right information into the palm of their hands, in a way which hasn’t been done before in Scotland.”
“If you’re able to see at a glance how your finances look, you’re in a stronger position to make better decisions and have more informed discussions about your future plans and how your business interests play into the overall financial picture.
“The financial services industry has a history of hoarding clients’ information and only giving them a glimpse of the whole picture from time to time, we want to democratise this information and put the client back in control.”
The app has been created with Moneyinfo, and pulls in live feeds from bank accounts, investment portfolios and other sources of assets. It’s completely secure – personal details entered to enable the live feeds are deleted immediately afterwards.
It comes as the UK financial services sector prepares for MIFID II, an EU directive which is intended to improve financial security and transparency across Europe. Among other things, the directive advances the so-called ‘API economy’ in banking, making it possible for consumers to access their financial information through third-party sources.
Adrian added: “The API economy puts control back into the hands of individuals, which is exactly where it should be – it’s their money after all. Our clients have lifestyle goals they want to achieve, and having a clear view of how close you are to achieving those makes it much easier to plan for the future.”
The app will be available for iOS and Android devices.