AMP Advice embraces open banking with fintech Frollo

AMP Advice's advisers and brokers will be able to use open banking provider Frollo's Money Management Service as part of their licensee offer following a partnership arrangement agreed between the two parties.

Under the agreement, AMP advisers and brokers will be able to provide their clients with access to a practice-branded version of Frollo's App. Clients will be able to use the technology to create an aggregated view of their financial position.

By being able to access a view of their clients' financial information through the platform, clients will no longer need to provide so much data manually. Advisers and brokers will also be able to monitor their client's ongoing financial position.

"Frollo's technology streamlines the advice process and provides more opportunities for advisers to help their clients. Importantly, the tech platform also sets clients and advisers up to take full advantage of open banking as it evolves into other financial products in the coming years," Matt Lawler, AMP Adviser Director said.