AMP Advice, Frollo forge partnership

Yasmine Raso

Senior Journalist, Financial Newswire

4 May 2023

AMP’s network of advisers and mortgage brokers has now gained access to open banking and money managing technology through a new partnership with Australian fintech Frollo.

Advisers and brokers now have the option to integrate Frollo’s Money Management Services as part of their offering to clients, with a practice-branded version of the app also included for clients to visualise their spending, loan details, budgets, financial goals and insights into their financial position.

Advisers and brokers can also view and monitor their client’s financial performance and status through Frollo’s platform, with the opportunity to identify areas of value.

“Our partnership with Frollo is part of AMP’s strategy to partner with leading fintechs to provide best-in-breed technology solutions to customers, advisers and brokers,” Matt Lawler, AMP Adviser Director, said.

“It reflects a commitment to providing our advice network with a contemporary and market-leading service proposition, which supports the delivery of high-quality advice and broking services.

“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.

“Technology will play a central role in delivering quality advice to more Australians, and we’re committed to providing our network with access to the latest and the best.”

The partnership also leverages the benefits of open banking under the Consumer Data Right (CDR), enabling secure and regulated sharing of data between service providers.

“This partnership validates what we’ve been saying for a while now, that the Trusted Adviser Model will drive a lot of the adoption in Open Banking this year,” Simon Docherty, Frollo’s Chief Commercial Officer, said.

“Financial advisers and mortgage brokers are close to their clients and have a real need for efficient and secure sharing of financial information.

“We’re excited that AMP is innovating and offering our Money Management app and Partner Portal to their network, as it helps them build a stronger relationship with their clients and be more proactive with their advice.”